If you’ve invested in multifamily units for some time, congratulations! You’ve made the right choice. As you may know by now, apartments are reaping profits big time in commercial real estate investing. In general, it has outperformed other commercial property sectors such as hotel, retail, or office. And the virus has a lot to do with it.
Office buildings are limited to house a few tenants while an industrial complex could be rented by one. As the pandemic dragged on, the stability of these commercial properties went a few notches down. Tenants and businesses folded one by one.
And yet, the demand for multifamily homes has risen while the virus pummeled the country. America needs to build 328,000 apartments yearly through 2030 to meet greater demand. Reason enough why these years are called the “The Golden Age of Multifamily Units”.
But don’t be fooled. As more and more businesses pour their capital into multi-family living, you could be facing stiffer competition now more than ever.
Given such a dog-eat-dog scenario, we encourage you to look up: seek to improve your rooftops. What’s increasingly clear is rooftop amenities on your property can be a good way to keep tenants intact and future tenants coming. As people enjoy a better view, these vintage points have become the most in-demand location in an apartment setting. It’s paramount, therefore, you adopt one assuming you want your leads, retention, and revenue coming. Here’s how.
The Best View of the House
You might wonder what’s the biggest draw for rooftop amenities. Well, architects are in unison: it’s the view. You really can’t get a better experience of the spectacular skyline than at the topmost part of the edifice. Everything is better done there, from exercising to cooking to swimming.
In short, it’s a wonderful experience in and by itself. And unless you have acrophobia or fear of heights, you should be in for a wonderful ride.
Think about it. Those in the middle floors, 2nd or 3rd, only get to see the building next door. And there’s not much there. But the viewing experience rises to greater heights when you’re on the rooftop. The drudgery of having to look at an uninspiring building facade always disappears.
Through and through, the resort industry has been instrumental in leading the way. Thus, developers are doing the best they can to make the experience as mind-blowing as possible. So you have as many amenities as possible crammed into the rooftop. We’re talking about:
- swimming pools
- putting greens
- outdoor lounge spaces complete with projectors and smart TVs
- fitness centers
- garden areas
- fire pits
- dog parks
- wine bars
Then again, keeping such communal rooftop decks spic and span means you’ll have to protect them from the torments of the weather. Thus, a reliable deck waterproofing system must be installed so your decking surfaces do not succumb easily to weather damage or from excessive pedestrian traffic. You may not realize it but exterior concrete is also vulnerable to surface damage due to sudden changes in the weather or heavy shock.
Greater Revenue and Retention
Certainly, you will have to pay a bit more to get those rooftop spaces in place. As a developer, that can sound like a burden to you. But fret not. Residents are more than willing to pay more for that spectacular rooftop experience. It may even lead to a potential one-year ROI by just factoring in the space in your plans. In addition, you can also increase the rent even by a minimal margin.
What’s important to keep in mind is that multifamily units with rooftop decks to enjoy the view are greater appeal. Families are willing to pay more for that better experience.
And this can be a sad reality also for developers who don’t factor rooftop decks on their property. It could mean a loss in revenue.
It’s important also that you ensure the rooftop deck design blends seamlessly with the design of the whole building. That will be great branding for your business. Not only will it give you more satisfied tenants but also it can draw in more future tenants.
The Sky Garden
Moreover, you need to look into green living. To make your rooftops matter most, incorporate green features in your design. That should add even more magnets to attract your clientele.
A good way to achieve sustainability on your rooftop is by handling your stormwater retention right. Instead of discharging all that water the usual way in a storm drain, retain it on the roof.
Additionally, inject as much foliage as possible. Empty concrete spaces can be uninviting. Plants not only add aesthetics but also ensure the living space is as livable as possible. Certainly, it’s a win-win you can’t afford to overlook.
