With the boom in apartment buildings in and around Denver, competition for renters is fierce. For many developers, competing on the basis of price doesn’t make sense, and with limited square footage, there are only so many floorplan options they can make available. So, how are they separating themselves from the competition in other ways? Forward thinking developers are turning to amenities to differentiate their multifamily communities and attract renters willing to pay market premiums to live an urban lifestyle. People are willing to pay a higher price, for a smaller space, as long as they have plenty of options when it comes to appealing amenities in an urban setting.
Some of the proven – and newly introduced – design concepts that are working well in downtown apartment buildings and multifamily developments include:
Resort Inspired Design
Everyone loves to have a place to escape, even in their daily lives. In multifamily projects, this means offering community gathering spaces enhanced with features you might find at a high-end resort. Some of these design elements include tap rooms that rotate beer selections from local breweries, pool decks with cabanas, grass lawns and hot tubs, fitness facilities with spaces for yoga and Pilates, coffee bars and an onsite concierge. By making these options available, residents feel justified in paying higher rents for smaller living spaces knowing that they have a resort-like lifestyle just outside their door.
Taking the resort lifestyle concept a step further, some urban amenity centers in multifamily developments have upped-the-ante with features that are meant to impress residents and their guests alike. Some of these ideas include full scale chefs kitchens where cooking classes and chef demonstrations can take place, game rooms that include the latest and greatest golf simulators (where residents can virtually play a round of golf at the most famous golf courses around the world), special event spaces for invited speakers, wine and beer tastings or pairings, and movie theaters with lounge chair seating.
Today’s amenity centers shouldn’t just provide entertainment and activities for residents, they should also address everyday needs. For example, many of the new multifamily developments in Denver include Amazon locker stations and dry-cleaning drop-off locations for busy lifestyles. For those who work from home, modern developments provide residents with work stations, as well as conference and meeting rooms within the community spaces. Office amenities and equipment are also made available. Other conveniences popular with residents include pet washing stations (complete with shampoo and towels for their pup) and bike repair areas for when they’re ready to hit the streets or trails.
For multifamily developers who want to attract people to their buildings, well designed and thoughtful amenities provide a competitive advantage. This is especially true in a market where residents are being asked to pay top-dollar prices for smaller units. If people see and realize the value of shared spaces where they can gather, meet and enjoy themselves, the hurdle isn’t as high to get them to sign a lease.