How Communal Spaces Impact Your Property Value
When it comes to getting people to rent units in your apartment complex, curb appeal is key because it helps to improve your property’s value. But, apartment complex curb appeal goes beyond just a fresh coat of paint, a pool, and a well-manicured lawn. You need something else that will draw renters to sign a lease at your apartment complex, and that is an outdoor communal space.
The Importance of Curb Appeal
Apartment complex curb appeal is so important because it lets your prospective tenants know that you take care of the property. And, when they know that you take good care of the complex they know that you will take good care of them and their needs. Essentially, curb appeal helps improve your property value and gives you a competitive edge over the other apartment complexes in your area.
Benefits of Creating a Communal Space in Your Apartment Complex
According to Dr. Tabitha Underwood and Roger E. Mitchell in their article “Individual and Contextual Factors Associated with Community Building in Apartment Complexes,” which was featured in the Global Journal of Community Psychology Practice, “Researchers have found that the use of community spaces and the offering of and participation in community programs were both correlated with resident satisfaction.”
Additionally, having a communal space for your residents not only improves its aesthetic appeal, but it can also enhance “the social fabric of the area” by improving social interaction among residents as well as helping to build a sense of community. Plus, communal spaces within apartment complexes also create “opportunities for shared experiences,” which will help your residents plant roots in the neighborhood, make friends, and even network. All of these will help build a sense of community within the residents at your property, and when a rental property has a strong sense of community tenants are more likely to stay longer, which reduces tenant turnover.
Types of Communal Spaces that can Improve Your Property’s Curb Appeal
1. Outdoor Dining Areas
Creating an outdoor dining area, like a picnic or grill area, is a great way to get your tenants to gather and connect.
Playgrounds allow the children in your complex a safe space to play and make friends. And, parents can connect with other parents and make new friends, too! It’s a win-win!
3. Bark parks
When you have a dog park on your property, it shows potential tenants that you’re a pet-friendly complex. That will definitely help you to get more people to sign a lease with you.
4. Outdoor Game Areas
Outdoor game areas can stimulate, challenge, and bring your residents together for a friendly game or to even sit back and watch others play. Some great ideas for outdoor game areas include:
5. Outdoor Fitness Areas
Outdoor fitness areas are quite popular right now. Check out our post “The Rise in Outdoor Gyms” to learn all about this new fitness craze.
6. Outdoor Sports Fields/Courts
Basketball and/or tennis courts, golf courses, and soccer fields are a great addition to any apartment complex. You can even take it one step further and add bleachers and sanitation stations.
Get and Keep More Tenants
At the end of the day having an outdoor communal space will improve your property’s curb appeal, and having curb appeal will improve your property’s value as well as help you get and keep your tenants.
Southeast Outdoors Solutions Can Design and Build Your Ideal Communal Space
We can design and build communal spaces of all kinds for apartment complexes in the states of AL, GA, MS, NC, SC, and TN. We can also update or add on to your existing communal space by providing shade, more seating, sanitation stations, or extra equipment. We can help with the planning and designing based on your needs, space, and budget. To learn more about our services give us a call at (770) 709-5605 or check out our interactive survey.