Rooftop amenities have become a key differentiator in today's growing competition to lure tenants and buyers to high-end multifamily projects, and architects and developers are ever-more conscious that an investment that will enhance resident’s living experience is well worth the money.
So long to using granite countertops and hardwood flooring as compelling reasons to lease or buy an apartment. Today, particularly at higher-end properties, unique rooftop amenities have proven to be a deciding factor in community selection for future residents.
We have spoken with many architects and developers who have witnessed first-hand the ROI of investing in these spaces. In their opinion, if you don’t add one or more rooftop amenities to your multifamily complex, then you simply lose revenue.
Hey! This is the first installment of a new blog series aimed at highlighting the added value that rooftop amenities bring to architectural and development projects.
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Make the most of your rooftop
Having recreational areas for residents to come together will drive value to your property. The most substantial return from these features comes in the form of higher tenant retention rates, but also in higher rental yield or sale prices per square foot.
This is because residents are willing to pay more when they know that they will have access to facilities conveniently positioned beneath scenic skyline views.
Let’s take a look at five innovative rooftop amenities that promise a great return on investment for high-end residential projects.
Integrated roof terraces. A roof terrace with breathtaking city skyline views can be a major draw for potential tenants and buyers. This will work to boosting the value of your residential property, as well as keeping the property "hot" for renting, so no unit is left empty between leases.
Play areas for children. If your target demographic group includes young families, offering a children’s playground on the rooftop is an investment that will increase your property's market value. It is absolutely a good selling point as well, for parents will appreciate having a safe play area for their kids while they enjoy other outdoor amenities.
Roof gardens. Architects and developers are reaping the financial benefits of roof gardens. Not only do they add aesthetic value to otherwise dead, unusable areas, but a shared garden with community-planted vegetables and herbs could mean the difference between drawing good prospective buyers or not!
Innovative technology. It’s not worth creating a stunning rooftop deck if residents won’t get the use out of it. This means ensuring the building’s public Wi-Fi reaches the rooftop and installing USB ports and charging stations, so that whether guests are trying to work or relax, they aren’t off the grid.
Pet amenities. From dog parks to washing stations and spas, architects and developers have been stocking their high-end apartment buildings up with rooftop dog amenities not only to attract pet owners, but also to keep them longer. Pet amenities are sure to add value to your multi-housing property and yield good return on investment.
Get ahead of the game
As you see, you can take your rooftop in a multitude of directions. Of course, what works well for one multifamily project may not work well for another. Whatever rooftop amenities you ultimately decide on, always design and build with your target demographic groups in mind.
On the other hand, a high-end residential tower can have all the amenities in the world, but if they’re not designed well, they simply won’t be used. Here at Loft 6/4 we apply our deep knowledge in rooftop amenity design and architecture, as well as offer pre-design services for architects and developers to advise on which amenities make the most sense for each project.
Contact us to help you design the rooftop amenities that will yield the greatest return on investment for your residential development project.