Luxury Rentals Offer Residents Special Perks
The Real Deal, April 2015
By Claire Moses
New York’s renters are increasingly getting the V.I.P. treatment.
Developers of luxury rentals are persuading their tenants, as well as attracting new ones, by offering perks that include a private tour of Central Park, premier seats at a basketball game or access to Manhattan nightclubs, the New York Times reported.
“If you want to increase the likelihood of tenants renewing, you really have to give them something more,” Rob Neiffer, a director at Invesco Real Estate, told the newspaper. Invesco owns the Instrata Lifestyle Residences, a portfolio of luxury rental buildings in Manhattan and Brooklyn. The buildings include free wine tastings for residents at a local wine shop as well as an in-house event coordinator, according to the Times.
The special amenities are supposed to give residents the idea that they’re getting an experience that can’t be found elsewhere.
The special privileges help justify Manhattan’s rising rents. The median monthly rent in Manhattan rose 8.9 percent to $3,375 in February, the newspaper reported. New amenities include perks that take place outside of the buildings, such as tickets to museums and access to invitation-only parties.
“We’ve always done ‘meet your neighbors on the roof deck,” Michael Fazio, founder of Abigail Michaels — a company that provides concierge services to developers and management companies — told the Times. “In the last two years, it’s become more and more sophisticated.”
Last year, the Related Companies offered residents in some of the developer’s luxury developments V.I.P cards that would help them bypass lines at nightclubs in the Meatpacking District. Residents can also use that card to make last minute reservations at busy, popular restaurants. [NYT]