One of these things adds serious value to an otherwise basic apartment making the unit much more pleasant. The other is a balcony.
I am not a fan of balconies on apartment buildings and mixed use buildings. They can present a raft of construction and liability issues. They also tend to accumulate stuff. Storage for tenants can be better delivered without the cost and hassle of hanging a balcony on the outside of the building.
I asked Fayetteville, Arkansas Architect Robert Sharp what he thought about all this. Don’t tenants all want some sort of private outdoor space? Rob suggested that If you ask prospective tenants in a focus group “Would like some private outdoor space like a patio or balcony?”, The answer would probably be yes -asking about private outdoor space in the abstract is kind of like asking if they would like a free pony. Rob’s view is that people want access to quality outdoor space, that could be a courtyard, a well supervised trail system, or a public square. A balcony is a pretty poor substitute for any of those things.
Rob would rather build some units with a good bay window, and then charge a little more for those units. I think he’s right.