Multifamily properties are growing in Atlanta and throughout the country. In fact, construction of multifamily units has been growing faster than construction of single-family homes, says the U.S. Census Bureau. And it’s continuing to grow—in 2014, builders will be building structures with five or more units at a 6% higher rate than in 2013, according to the National Association of Home Builders.
Because of this growth, the multifamily market is becoming even more competitive, especially in Atlanta. Besides a great location, people who have a choice to live in one place over another are looking strongly at the amenities each site offers as a major driving factor in their final decision.
That means the old mentality of just putting in a pool at a multifamily development and calling it a perk is over. When it comes to multifamily living today, people are looking for something other than a typical condominium. And the amenities they are seeking most are outside. Property owners who invest in their outdoor spaces or give their current space a modern facelift can help improve that community feel and make the site feel fresh and new.
Here are some of the latest trends we are seeing. Use some of these ideas to give your property an added boost to retain current tenants and attract new ones.
Imagine your tenants being able to take their laptop or iPad outside where they can enjoy the Atlanta sunshine by the pool (Yes, they want this!). Free wireless access enables them to get work done while enjoying the view. If they are thirsty for a latte or cappuccino, all they have to do is stop by the self-serve café right near the pool for a quick caffeine fix.
Outdoor living in style
Each evening, envision your tenants cozying up to an outdoor sofa next to a grand stone fireplace under a pergola. If they feel like taking advantage of Happy Hour on a Friday night with their friends and neighbors, they can stop by the wine bar and take a glass of that new red wine with them back to that cozy outdoor room or the fire pit by the pool for the ultimate relaxation time.
Private beaches and cabanas
Want your tenants to feel like they are on vacation everyday while they’re at home? Install a private resort-style beach area where they can always find a spot in the sand to take the children to play and soak in the sun. Get creative and build a slide that goes from an upper terrace to a beach below.
Outdoor gaming and entertainment centers
Why let your tenants remain inside on summer evenings? Invite them outdoors to an entertainment area with outdoor televisions or movie screens in family room settings so everyone can enjoy the latest video under the stars. Or encourage your tenants to challenge their neighbors to bocce ball or a game of pool.
Don’t have the kind of space necessary to create this area? Build up. Use upper terraces, deck areas or rooftops to create your tenant entertainment spaces in the sky.
Creative gates and bridges
Create an outdoor haven for your tenants where they can take a stroll over a bridge and stop to watch the fishes swim in the pond or pass through artistic gates on their way to visit a neighbor or when heading to a trail for their morning run.
In Atlanta’s competitive multifamily market, property owners and managers need to grab customer attention with appealing outdoor amenities. Give HighGrove Partners’ experts a call if you want us to help you take your outdoor space to the next level. Give us a call at (678) 298-0550 or take advantage of our complimentary Property Assessment.
image credits: Erik Jarkins, HighGrove Partners