This is the third 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.

If it weren’t for the significant loss of revenue, and thus value, our third “amenity fail” would be truly humorous. This is conflicting amenities.

Fail #3: Conflicting Amenities

The most impactful example here is a 30-story high-rise building in which the entire 12 stack had both “Balcony” at $100 and “No balcony” at -$45 for a net of $55 on each of those 30 homes. Upon quick inspection, by either checking the Satellite View in Google Maps or asking the Community Manager, we quickly determined the entire 12 stack did in fact have balconies.

Undercharging 30 homes by $45 is $1350 per month or $16,200 in lost rent. Assuming a 6% cap rate, this equates to missing more than a quarter of a million dollars in value! ($270,000 to be precise).

Other examples can come from conflicting renovation charges, view premiums and kitchen and bath amenities, just to name a few.

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