28 Sep 5 Common Space Refreshes for Multifamily Properties
The multifamily apartment industry has grown exponentially in the past decade, with renters expressing an increasing level of interest in high-end luxury spaces. An incredible 87% of renters in luxury apartment communities have indicated that amenities are the biggest factor they consider when deciding to sign or re-sign a lease.
The pressure is on for operators of multifamily communities to satisfy this demand. But coming up with the budget for a full building renovation isn’t always in the cards.
Fortunately, there are still ways to stand out in this highly competitive multifamily apartment market. We suggest starting with a common space refresh.
You don’t need a massive budget to update design elements and add sophistication to common spaces. Even a small update can help you achieve the luxury apartment feel without a luxury price tag.
Why Invest in a Common Space Refresh?
A common space refresh is an excellent investment for a number of reasons. Common spaces are often the first rooms prospective residents see when they come for a visit, setting the tone for the rest of the multifamily community.
These spaces get a lot of foot traffic—no tour scheduling necessary. And with many prospective residents ready to downsize, having beautiful shared spaces that feel like an extension of their homes is a huge selling feature.
5 Multifamily Common Space Refreshes to Consider
Consider refreshing one or more of these common spaces to achieve the high-end luxury feel residents are looking for:
A lobby update grabs attention and makes a strong first impression as people enter the building. We recommend emphasizing comfort and cleanliness in your lobby. This high-traffic area can become dirty and messy quickly, so it’s important to choose furniture that can withstand high levels of activity.
Now more than ever, people are looking for designated areas where they can work from home. For individuals living in a studio or single bedroom unit, an accessible common workspace—near home but not quite in the home—holds even greater appeal. Refresh your traditional business center to offer residents a comfortable, functional space for remote work.
Give your residents the opportunity to host friends and family without cramping their style. Consider converting a vacant unit into a beautiful guest suite that residents can reserve to easily host visitors.
Is your communal pool area, patio, or deck in desperate need of an upgrade? Create a luxurious outdoor oasis for residents to spend their leisure time. To get the most value from your refresh, incorporate attractive design features like fire pits that residents can use all year round.
Adding elements like a game room, high-end bar, or cozy meeting space to your clubhouse could be the inviting amenity that prospective residents are looking for.
No matter where you direct your resources for a common space refresh, aim for comfort, cleanliness, and a cohesive design that brings the whole space together.
When you’re ready to update your common spaces, Model55 has the turnkey design and furnishing solutions you need to get the most from your investment. Contact us today to learn more about our multifamily design services!