In the first installment of “The Value Rooftop Amenities Bring to Architectural and Development Projects” blog series, we looked at five amenities that offer the best ROI for a multifamily development. Now, we explore how rooftop amenities maximize return on residential properties.
A property’s value is determined by several obvious factors like the square footage, layout, and location of a building. However, there are other factors that might not be so obvious, but still have a significant impact on how much a property is ultimately worth.
We are referring to rooftop amenities.
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Architects and developers are finding great success in attracting tenants and buyers to their high-end residential or mixed-use developments by offering thoughtfully designed and integrated rooftop amenities which bring potential occupants in the door, literally.
Rooftop revenue can be substantial for high-end locations. Partner up with an architecture firm that specializes in rooftop amenity design, and enjoy double-digit returns on your investment by adding features such as a pool, gym, spa, dog park, game rooms and lounges. The possibilities are infinite.
Rooftop Amenities = Retention + Higher Rental Prices
While creating rooftop spaces do represent an additional investment for developers, the investment isn't even a sliver of the lifetime cost of the building, and residents will pay more for spectacular rooftop views and other features, leading to a potential one-year return on investment by including the space.
Blending the rooftop space as a signature element of the whole building design will not only make current residents happy, but also attract future tenants as well. Furthermore, creating inviting spaces for residents to enjoy and share with friends and relatives, increases the likelihood they’ll renew their lease, thus increasing tenant retention.
An appealing and well-used rooftop space will rise the value of your high-end residential tower, and make it more marketable and competitive.
As the tastes and interests of tenants and buyers continue to evolve, architects and developers would be wise to evolve with them.
If you stay on top of the trends, you are sure to maintain the marketability and appeal of your property. After all, keeping your current residents happy should always be your first priority, and if adding a few fancy rooftop amenities attracts new ones as well, then that’s a bonus.
To find out how you can incorporate the latest rooftop amenities trends to your high-end residential development project, feel free to contact us.
CONTINUE READING THIS BLOG SERIES: NEXT --> Transform Your Multifamily Property Into A Tenant Magnet With “Wow” Rooftop Amenities