Rental Prospects Take Notice of Quality Community Spaces
Digested from Community Spaces Rate High Among Amenities That Attract Apartment Renters
National Real Estate Investor (4/5/16) Anderson, Bendix
Never underestimate the power of a good community space. It can raise the currency of property in a not-so-desirable neighborhood, encourage social interactions among tenants and increase rental rates in hot areas.
Community spaces can grow and evolve depending on the specific needs and interests of tenants. To promote community use of outdoor spaces, property managers could add things like yoga lawns, hammock parks, loggias and outdoor gym areas.
Such spaces have their appeal. But renters still also value practical amenities like plentiful parking, good Internet and cell phone service, security features and pet services.
Some apartment communities have gotten creative in their uses of space to promote sociability among residents.
The old clubhouses that are big empty spaces are being replaced by package storage, Wii fitness, golf simulators, demonstration kitchens, etc, said Jay Hiemenz, president and chief operating officer with Alliance Residential Company, a privately owned multifamily firm based in Phoenix.
And, yes, pools are still a big draw, especially in certain parts of the country. In the warmer climates such as Florida, the Southeast, Texas and Southern California, to name a few, pools really matter, said Chip Bay, executive managing director and national practice leader for construction and development at Mill Creek Residential Trust, a multifamily development and investment firm.