Denver luxury apartments grow even more luxe
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Gables Residences in Cherry Creek. Photo: Courtesy of Gables
Apartment gyms and pools, which used to be luxury amenities, are no longer enough to satisfy high-income renters, Anna Frenzel, vice president of operations at Gables Residential for Denver/West, tells us.
Why it matters: Would-be homebuyers concerned about high mortgage rates seem more at home in rental communities that cater to their lifestyle.
Of note: This comes at a time when rents in Denver keep getting steeper. The median rent in Denver is $2,797, up 7% year over year, per Redfin’s March rental market report.
Yes, but: The number of Denver metro-area renters earning $150,000 or more doubled and then some between 2016 and 2021, per U.S. Census data.
What's happening: Gyms and pools have become baseline amenities. Luxury buildings are offering convenience services to woo their residents, Frenzel says.
- For example, front desk concierge services are becoming more popular. Residents can have packages or food delivered without disrupting their day.
What they're saying: Some of Gables' highest-end properties, including Gables Residences in Cherry Creek, offer eucalyptus hand towels and Champagne to potential residents during tours, Frenzel says.
- "We’re trying to tap into an emotional response they had during an elevated vacation," she notes.
Of note: Other luxe amenities today's renters look for include Pilates machines and barre studios, coworking spaces, resort-like pools with hot tubs and cushy indoor and outdoor lounge spaces, Frenzel says.
Zoom out: Apartment construction is booming in some areas of the country. Historically, new rental housing tends to hit at the higher end of the market, Chris Salviati, senior housing economist at Apartment List, tells Axios.
- That trend has become more pronounced in recent years as rising project costs squeeze developers, he adds.
What's next: Luxury apartment buildings will start to feel more like lavish resorts as developers rush to keep up with rising expectations of high-earning renters.
We scoured the city for amenities that scream "indulgence."
🔥 Cabanas with fire pits at The Confluence: This high-rise building also has a self-service ski repair center and a heated infinity pool with resistance jets.
🚙 Valet parking at Market Station: The Flats and Fourteen 45 have 24-hour full-service valet underground garage with car stacker system, plus car wash and detailing services available on-site.
☀️ Towel service at The Pullman: You don't have to worry about lugging your own towel to the rooftop pool. There's also a pet spa and yoga studio.
📱 Personalized lifestyle services at Gables Residences: This boutique luxury complex uses Amenify, a platform where residents can use their phone to book verified personal trainers, private massages, dog walkers, house cleaners and more.