As part of our blog series “The Value Rooftop Amenities Bring to Architectural and Development Projects” aimed at unveiling the profit potential of rooftop amenities, in this post we share how you can attract tenants to your high-end residential development.
The new buzzword making its way into architectural and development industry is “Wow”. That’s the term attached to rooftop amenities that not long ago used to belong more to five-star resorts, but are now incorporated in high-end residential and mixed-use developments as standard.
In fact, the quality and quantity of rooftop amenities that your property offers can often determine its rent-ability, and could very well be a deciding factor for many potential tenants and buyers.
If you just arrived to this blog series, you might want to follow it from the beginning.
Largely based on the needs and wants of millennials – currently, the strongest demographic group in the US -, developers and architects are clearly upping the stakes when it comes to property amenities that appeal to this highly tech-focused generation.
They are listening to the high-end demands of this growing population of renters and owners, for whom luxury and multi-functioning common spaces are non-negotiable musts, often seen as more important than a unit’s actual square footage.
Millennials want a community that provides them with an exciting, active, and vibrant lifestyle. They place a high value on indoor and outdoor spaces that offer a multitude of recreational opportunities where they can connect and socialize.
They are after more than just a place to live – they’re after a sophisticated urban lifestyle.
Aware of this, architects are unleashing their creativity, and designing state-of-the-art, resort-style rooftop amenities that speak to this sophisticated urban lifestyle, while making the property stand out and competitive.
They are designing wow rooftop amenities that feature amazing patios with barbecues, lounges with open fireplace, landscaped dining areas, tropical gardens, lagoon pools, yoga studios, full-size fitness centres and dog parks, among many others, all in an effort to stay relevant and satisfy these high-end dwellers.
The perfect equation for a solid ROI
The competition to attract and retain tenants and owners in residential buildings is as strong as we’ve never seen before, and there is no denying the impact rooftop amenities can have on occupancy rates and tenant satisfaction.
Thoughtfully-incorporated rooftop amenities can result in a highly desirable asset with low vacancy rates able to command higher rents per square foot and higher sale prices – the perfect equation for residential developers looking for a solid ROI.