When most people think about luxury apartment rentals, chic Manhattan suites may come to mind—but is there such a thing as a luxury apartment outside of the big city? It just so happens that yes, luxury apartments can exist in more suburban neighborhoods, even though they are frequently associated with larger metropolitan areas!

What is a luxury apartment, anyway? What should you look for when renting one? Is it worth the associated price tag? In this article, we will answer all of your questions about luxury apartments! We’ll define what a luxury apartment is, discuss the benefits of renting one, and help you decide if it’s the right choice for you. So whether you’re in the market for your first luxury apartment or are just curious about what they have to offer, read on!

What Is a Luxury Apartment?

A luxury apartment is a higher-end rental unit that offers amenities and features not typically found in standard apartments. Luxury apartments are usually larger and have more square footage than a typical apartment, as well as high-end finishes like hardwood floors, granite countertops, stainless steel appliances, and designer light fixtures. Some luxury apartments also offer special amenities like on-site gyms, pools, and doorman service.

Can I Afford a Luxury Apartment?

It’s often a safe bet to associate the word “luxury” with a high price tag; with the added conveniences of luxury apartments’ on-site amenities and high-quality fixtures and furnishings, it’s not totally surprising to expect a higher cost. So, how do you afford a luxury apartment?

Of course, luxury apartments in major U.S. cities are going to cost more than those located outside of major metropolitan areas. In New York, for example, a luxury apartment can go for nearly $4,500 a month; in contrast, a luxury rental in Oklahoma City will net just over $1,000 a month. Clearly, the area that you choose to look for a luxury rental can dramatically affect the price in addition to the other inherent perks.

If, even at the lower end of the spectrum of the big city price tags, you still find that luxury apartments are out of your price range, don’t totally give up on the idea yet! If you look for luxury housing just outside of the city you are likely to find better deals due to the added commute. What’s more, you may just find luxury accommodations with surprising rates, like those at Watertown Housing!

Do Luxury Apartments Have Higher Security Deposits?

Yes, luxury apartments typically have higher security deposits than standard apartments. The exact amount will vary depending on the building, but you can expect to pay at least one month’s rent for a luxury apartment security deposit. In some cases, luxury apartments may require a higher deposit due to the added value of the unit. For example, if you’re renting a luxury apartment with designer finishes and high-end appliances, the landlord may require a higher deposit to protect their investment.

What’s the Difference Between a Luxury Apartment and a Penthouse?

Penthouses are luxury apartments that are located on the top floor of an apartment building. Penthouses typically have higher ceilings and larger windows than other units in the building, and they may also include special features like private terraces or balconies. While all penthouses are luxury apartments, not all luxury apartments are penthouses.

Top 10 Things to Look For in a Luxury Apartment

Looking outside of major cities for better deals on luxury apartments is just part of what a prospective renter should consider when it comes time to find their next place to live. Here are some of the top things to look for in a luxury apartment so you know you’re getting the best deal:

1.     Location, location, location. If you’re looking for luxury apartment rentals in the suburbs of a major city, make sure you’re looking in a safe area. Are you within walking distance of fun activities, restaurants, or parks? Will you have a short commute to work? Is the area developing, or are prices likely to increase in coming years? These are all things to think about when selecting the right location for your luxury apartment.

2.     Community areas. One of the perks of living in a luxury apartment is having access to a community gym, pool, or study area. This not only saves you money on a monthly gym membership but also is a great way to meet your neighbors and make friends.

3.     On-site laundry. Dragging your laundry to and from a laundromat can be a real buzzkill. That’s why on-site laundry is an absolute must for luxury apartments! In the best case scenario, the laundry units are included within the apartment, but sometimes they are given their own laundry building. If you have any questions about laundry-related amenities at your local luxury apartment rentals, be sure to ask the staff!

4.     Heated parking stalls. Especially in areas prone to snowy weather like Wauwatosa, Wisconsin, heated parking stalls become the very definition of “luxury.” Heated parking stalls are not only easier on your car in the cold months, but they will even save you fuel by eliminating the cold morning “warm up” period and the associated carbon monoxide output.

5.     Bike racks. If driving isn’t your thing or if you simply love the activity of biking, it’s key to find a luxury apartment rental with protected bike racks. If you can pull the bike out of storage, you’re more likely to end up riding it—which can be beneficial for your insurance, gas, and fitness bills.

6.     Package delivery room. With luxury apartment rentals offering a package delivery or mail room, you can rest easy knowing your mail is protected from the elements and from ending up in the wrong hands. This convenience takes the stress out of ordering things online, as you can rest assured they will be under lock and key from the moment they arrive!

7.     Radiant floor heating. Mmm, warm floors. You might not even need slippers in a luxury apartment rental equipped with radiant floor heating! Aside from being more efficient than baseboard heaters (hello, energy bill), radiant floor heating is generally preferred by allergy sufferers, as they are less likely to distribute allergens through a forced air system.

8.     Private balconies or patios. There’s something to be said for having a space that isn’t strictly speaking necessary to everyday life. A balcony or patio can offer a shady, private place to hang out in the warmer months capable of supporting plant and bird life. It’s not exactly a yard, but a little extra space can go a long way.

9.     Stainless steel kitchen appliances. Not only does stainless steel look clean and polished, but it also reduces the likelihood of rust, heat damage, and general wear and tear associated with cooking or cleaning. Best of all, with the right cleaning product, small scratches will buff right out, so your apartment will always look like new!

10. High-speed internet capabilities. We have entered the age of working from home—not having WiFi is no longer an option! Look for a luxury apartment rental with fiber or high-speed internet hookups so you can make sure you are getting the very best of what internet providers have to offer!

Is a Luxury Apartment Worth It?

While many people might hear the word “luxury” and automatically assume they can’t afford it, there are actually several key benefits to renting a luxury apartment over a regular one. For one, the amenities are hard to beat—and may even save you money on costs associated with gym memberships, car insurance, fuel, or laundry.

Additionally, luxury apartments are usually larger than their non-luxury counterparts. This means more room for activities, belongings, and a greater likelihood that pets are allowed! They also tend to be well-maintained and the best luxury apartment rentals are updated frequently—which means you are more likely to have capable maintenance staff.

So yes, while there can be a higher price tag associated with a luxury apartment rental, there are often benefits you might not even consider when splurging on a high-quality place to live. However, if you are someone who likes to go to great lengths to personalize your living quarters, you might not be a good fit for a luxury apartment, as generally, renters try to keep it in the state closest to its original form. Also, it’s important to note that luxury rentals are in high demand, especially in today’s housing market—so if you see one pop up in your feed, it’s best to act fast!

Luxury Apartment Rentals Near You

While opting for a luxury rental might seem like a gratuitous expense, they are often in prized locations with a whole slew of added benefits. In today’s age, it can be tough finding adequate housing at all, let alone luxury apartment rentals; but if you’re able to hunt down a luxury apartment for a good price, the added amenities and conveniences may actually end up saving you money in the long run—and you will be living in style!

If you’re looking for luxury apartment rentals near you with all of the above amenities and more, contact Watertown Housing today for floorplans and availability!