ZILLOW GROUP, INC. SAN FRANCISCO, Jan. 23, 2018 /PRNewswire/ -- Living in an apartment building with a gym may seem like an amenity reserved for renters in luxury buildings, but in Chicago, it's actually more affordable than purchasing a gym membership, according to a new HotPads® analysis.
In Chicago, the typical apartment building with a fitness center adds about $73 to a renter's monthly payment. With the average gym membership in the city costing $81 a month[i], Chicago renters will save $8 a month by renting in a building with a gym included.
Saving money and getting more exercise are two of the most common New Year's resolutions[ii]. With 2018 just beginning, many people are joining gyms or dusting off the treadmills in their apartment's fitness center to make good on these promises. Without a meaningful difference in cost between apartment fitness centers and gym memberships, renters are better able to examine their options based solely on their personal preferences.
"When renters don't have to worry about the cost difference of renting an apartment with gym or getting a membership, they are free to choose an apartment that best fits their lifestyle," said Douglas Pope, co-founder and general manager of HotPads. "Renters who would rather avoid paying for parking or taking the bus in order to keep their New Year's resolution should opt for a rental with a gym in the building. But renters who place more value on expansive gym features may be better off prioritizing a gym membership over convenience."
In Chicago, the cost of on-site fitness centers can vary by neighborhood. Renters in East Hyde Park and Wicker Park can expect to pay $235 or more per month to rent in buildings with a gym – over $150 more than the city's average gym membership. However, the rent premium for buildings with gyms in the West Loop Gate and Near West Side neighborhoods is just over $40 a month, giving renters $33 a month in savings.
Renter demand for on-site fitness centers is high. According to a recent study by the National Multifamily Housing Council, 82 percent of renters nationwide are interested in renting in buildings with an on-site fitness center.[iii] In comparison, only 12 percent of apartments in Chicago advertise a gym in the listing.
HotPads is a Zillow Group owned apartment and home search platform for renters in urban areas across the United States. For more information on Chicago's rental market, visit HotPads.com.
Gym Premiums in Chicago by Neighborhood
Neighborhood | Median | Gym | Cost Difference Compared | Percentage of Units |
City of Chicago | $1,695 | $73 | -$8 | 12.1% |
East Hyde Park | $1,375 | $254 | $172 | 9.2% |
Wicker Park | $2,200 | $238 | $156 | 2.5% |
Uptown | $1,500 | $229 | $148 | 2.7% |
Noble Square | $1,900 | $228 | $147 | 2.5% |
South Chicago | $980 | $179 | $98 | 8.8% |
Streeterville | $2,365 | $70 | -$12 | 10.3% |
Rogers Park | $1,199 | $61 | -$20 | 4.5% |
Edgewater Beach | $1,250 | $61 | -$21 | 11.9% |
West Loop Gate | $2,565 | $45 | -$37 | 1.6% |
Near West Side | $2,335 | $44 | -$38 | 8.9% |
HotPads
HotPads is an efficient rental search platform for urban areas across the United States, with features designed for competitive markets such as map-based search, real-time notifications and detailed information on landlords and property managers that help renters spend less time searching and more time feeling excited about their next home.
Launched in 2005, HotPads is based in San Francisco and is owned and operated by Zillow Group, Inc. (NASDAQ: Z and ZG).
HotPads is a registered trademark of Zillow, Inc.
[i] https://www.statisticbrain.com/gym-membership-statistics/
[ii] Based on figures from YouGov Plc. Total sample size was 1170 adults. Fieldwork was undertaken between 8th - 11th December 2017. The survey was carried out online. The figures have been weighted and are representative of all US adults (aged 18+).
[iii] http://www.nmhc.org/residents/
[iv] Median Apartment Rent represents the median rent for rental listings in buildings with five or more units.
[v] To calculate the gym premium for a city or neighborhood, HotPads compared apartments with in-building fitness centers to similar apartments without in-building fitness centers, controlling for variables that can impact what an apartment costs to rent (such as the number of bedrooms and bathrooms, square footage, location, etc.).
[vi] HotPads compared a city or neighborhood's gym premium to the city's average gym membership cost as reported by the Statistic Brain Research Institute to find the cost difference. A negative cost difference represents the savings of renting in a building with an on-site fitness center compared to the city's average gym membership cost.
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SOURCE Hotpads, Inc.
