“This is important because within a community you want to right price all the features and functions of your building so it leases at the right price,” Hughes says. “If you are looking for capital dollars, you want to buy amenities that resonate with the marketplace.”

According to RealPage research, the single most profitable amenities are upgrades and renovations. That includes upgraded units, hardwood floors, wood-style floors, and a first floor location.

By contrast, the slowest-selling amenities are ceiling fans, extra storage, a courtyard view, sunroom, granite countertop, third floor location and location close to the swimming pool. The most common amenity is a first floor location.

“Amenities are eight percent of the total rent roll—that's a reasonable chunk of value to try to optimize,” says Hughes. “It's a hot topic because all that renovation and capex work you do should hit the amenity line if you memorialize it right.”

According to RealPage, the national average for multifamily renewals is 50%. Hughes says operates that renovate a unit you can expect up to a 10% bump in renewal rates, and pointed to upgraded light fixtures and accessibility as big wins.

“The idea is not to underprice the amenities,” Hughes says. “See what value you get and charge more for the higher value amenities. Some amenities are over-valued. In some communities we found wrong-priced amenities.”