Discovering Hidden Treasure in Your Unit Amenities – Misuse of $0

December 2, 2024 by Donald Davidoff

This is the fourth in a 9-part series of “quick hit” blogs on the quickest way to uncover hidden revenue from leasing based on the presentation Bryan Pierce, Carol Enoch and Donald Davidoff gave at NAA’s 2024 Apartmentalize conference.

Into the home stretch of this series, let’s talk about the misuse of $0 amenities. We talked in an earlier blog about using $0 amenities when all the units in a pricing group have the same amenity, e.g. all one bedrooms have balconies, all the two bedrooms have granite countertops or all the three bedrooms have fireplaces.

Fail #7: Misuse of $0 Amenities

This is a proper use of $0 amenities so that the amenities still show up on websites and/or new lease pricing sheets while leaving as much rent as possible in the base rent thus allowing your revenue management system the most room to adjust.

The misuse of $0 amenities happens when amenities that should have a value simply don’t. While not as common as many of the other “fails” we’ve described, we still see it all too often. Upgraded finishes, accent walls, even balconies—all of these have shown up as $0 amenities. If all of the units in the pricing group have those, or if those are the “base” unit in the pricing group, then fine. But when they’re tags for items of incremental value, then there should (must!) be a value attached.

So check out all your $0 amenities and make sure there’s a good reason for them to listed as an amenity…and for that to be a $0 upcharge from the base rent.

Stay tuned for the next “quick hit” in this series