Nearby Gyms Attract Renters, Buyers

From Multifamily Executive (MFE) Magazine. Article posted March 17th, 2017. By MFE staff writers.  

Much like people seek out apartments and condos near good schools and restaurants, it seems a new community staple is garnering attention of would-be renters and buyers: gyms and workout studios.

MarketWatch staffer Sally French reports that the percentage of listings in luxury apartments that contained the words “gym”, “weight room,” or “workout studio” rose to 11% in January 2016 compared to 7.4% in 2010, according to Redfin.

In all other apartment buildings and housing developments, the percentage of gyms rose to 6.7% in January 2016 compared to an increase of just 3.9% in 2010.

CrossFit is a major attraction for many. “A lot of the people I know who do CrossFit want to live near the gym because they either work crazy hours or because they are motivated people,” Hatfield said. “They don’t have a lot of time. Living near the gym to cut down on commute time is one way to solve that.”

One of real-estate developer Ben Shaoul’s condo developments sits atop of a 30,000 square foot, luxury Equinox Fitness Club in Manhattan’s Lower East Side. Equinox, he says, is having a big impact on his bottom line. Read more on this topic in a separate MarketWatch article, here.