The rooftop is now the hottest place to be. These versatile and attractive spaces are one of the newest, most coveted amenities hitting the multifamily market. The emerging spots provide a trendy atmosphere where residents will want to spend most of their time enjoying skyline views — leading to opportunities for extra revenue and an increased likelihood that renters will renew their leases.
The main driver behind the rooftop craze is the view. On a communal rooftop deck, residents can enjoy a spectacular skyline view while swimming, grilling, or exercising, without having to pay top dollar for a penthouse unit. Add great weather, lounge seating and rooftop cocktails and a “Zen-like” relaxation environment is created to wind down from a stressful week.
Taking cues from the resort industry, developers are striving to make this new “must-have” space as sensational as possible. Everything from pools to putting greens is making its way onto multifamily rooftops. While the most common features include outdoor lounge spaces with TVs or movie projectors, grilling areas, fitness centers, fire pits, and gardening areas, some rooftops are offering more unique amenities, such as dog parks, wine bars and yoga studios.
“I recently toured a new apartment community in Montclair, N.J. called Valley & Bloom,” commented Michael D. Sneden, Executive Vice President at ValueXpress. “The apartments were very nice, but what really caught my attention was the rooftop view of New York City and the Freedom Tower at One World Trade Center. The view was spectacular and the space, decked out with comfortable seating, bar and grilling station, was very inviting. The leasing agent noted that once prospects see the rooftop space, the deal is sealed!”
Rooftop View at Valley & Bloom, Montclair, NJ