Transforming the Rental Market: From Square Footage to Lifestyle Experience
In bustling cities where apartments are shrinking and prices are soaring, amenities have become a crucial factor for those seeking a place to live. These spaces have gained prominence and evolved over time, transitioning from party rooms and rooftop grills to gyms and coworking spaces.
Amenities’ Impact on Rental Prices
According to Juan Céspedes, Senior Manager of Mercado Libre Inmuebles for Mexico, Venezuela, and Colombia, these conveniences can add an extra 10-20% to the monthly rent, depending on their quality and maintenance.
“Tenants are willing to pay this premium because they’re investing in a better quality of life and functionality. Amenities extend the home experience, holding significant weight in rental decisions in the modern segment,” Céspedes explained in an interview.
Urban Dwellers’ Need for Amenities
Residents in urban areas like Mexico City have the highest need for amenities due to smaller apartments and higher prices. Mercado Libre Inmuebles data shows that the average rent in the capital by 2025 is around 21,000 pesos per month, ranging from 2,700 to over 125,000 pesos based on location and property features.
Céspedes attributes this shift to a change in population mindset: “Value is no longer tied to square meters of living room space but rather the lived experience. People prefer efficient apartments that allow them to live close to work and access services.”
From Pet-Friendly Spaces to Coworking Areas
Angélica Soria, Community and Rentals Leader at Desarrolladora del Parque, states that renters now seek more than just an apartment; they want a space meeting their daily needs without excessive commuting.
“People no longer just look for a rental apartment; they seek lifestyle and convenience, a secure place that doesn’t require long travels for daily activities. This results in lower tenant turnover in properties,” Soria explained.
- Popular amenities among Mexico City renters include gyms and coworking/business centers.
- In-building gyms with specialized classes and trainers save residents time and money on external memberships.
- Coworking spaces cater to the growing trend of remote work, offering high-speed internet and meeting/presentation rooms.
- Pet areas have become essential, with over 50% of tenants owning pets, making pet parks and related services more than a luxury.
- Soria recommends implementing a project-wide app for booking private-use spaces like party rooms and clear regulations to ensure harmonious coexistence among tenants.
The New Generation of Renters
Amenity-focused housing demand is primarily driven by young professionals and emerging families. These tenants prioritize efficiency, connectivity, and quality of life over space size.
“We see more informed and empowered profiles who know exactly what they want. Young professionals and singles value connection and location, preferring to live near work and leisure spots. Emerging families seek enhanced quality of life,” Céspedes concluded.
