When looking for a new apartment, expect to pay more if the complex has a pool.
For a pool, renters on average pay $70, or 4.7% more for the luxury. Meanwhile, the premium for a fitness center is an average of $8 less, according to a new report from HotPads.com.
The markets with the average high temperatures in the 90's show to have the highest premiums for a pool. Las Vegas has the highest premium for rentals with a pool at $174. Oklahoma City follows at $170, and Tampa at $165.
Rentals with pools in Denver, San Francisco and San Jose, metros located in northern areas, were found to be less expensive than the typical rental in those areas. These metros actually paid less for their rental with a pool.
"Scorching hot summers certainly contribute to how much value a pool will add to a rental, but like any commodity demand is just part of the equation. Areas where pools are very common may make the premium paid for them smaller thanks to less competition for access to a relatively abundant amenity," said Joshua Clark, economist at HotPads.
Although many rental homes have pools, the multifamily market is more directly affected. Out of the top 50 metro areas, 28.9% of multifamily listings mention a pool, while 12.2% of single-family rental listings mention a pool.
According to the study, Houston, Texas has the highest amount of multifamily rentals with pools, with 61.3%. Miami has the most amount of single-family homes for rent with pools, with 36.6%.
"An area's culture can also play a role in how people value pools – renters in Phoenix might value having a place to host a pool party, while people in Denver may prefer to keep the yard space for other purposes and take a dip in an alpine lake or river instead," Clark said.
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