Due to the increasingly high cost of living, more people than ever are looking for quality homes and apartment units to rent. Multifamily properties make such lucrative investments because you can capitalize on the growing demand for high-end rental properties by earning a substantial passive income from them.
Of course, you need to compete with other multifamily property investors by attracting the most qualified tenants to your property. One effective way to compete in the rental marketplace is to install or renovate a luxurious swimming pool at your multifamily property.
How a Swimming Pool Adds More Value to a Multifamily Property
A swimming pool is considered a luxurious amenity for tenants of a residential multifamily home or apartment complex. You will have a much easier time attracting the right kind of tenants if you have an attractive, spacious, and accommodating swimming pool for them to use on your property whenever they want.
Here are the top 4 ways in which a swimming pool adds more value to a multifamily property:
1) You Can Seek Higher Rent Prices
Swimming pools add more demand for your rental units because a high percentage of prospective tenants seek properties with swimming pools attached to them. Since many multifamily properties do not have swimming pools, you have a good excuse to increase the price of your rental units if you have an attractive pool on your property.
2) Establishes an “Upscale” Feel to Your Multifamily Property
People tend to have a more positive perception of a multifamily property if it has a well-maintained swimming pool on it. A clear blue pool can create an upscale, high-end feel to the property that will make prospective tenants seriously consider renting a unit there. It will make them feel like they are being given five-star accommodations.
3) Creates a Sense of Community and Togetherness
It is easier to retain tenants for extended periods if they feel happy and comfortable at your multifamily property. A swimming pool helps create a sense of community and togetherness by allowing various tenants to spend more time together and make friends with each other. Because of that, they might be willing to remain at the property a lot longer.
4) Encourages Health and Wellness for the Tenants
Regular exercise can make almost anyone feel better. Tenants who work stressful jobs may feel like they don’t have the time to visit a gym and work out. But if they know they have a swimming pool next to their rental unit, they will feel more compelled to swim in the pool as a form of exercise to relieve their daily tension.
Before & After Pool Area Renovations
Contact Peak Renovations if You Need a Renovated Swimming Pool Area
The average inground swimming pool installation or renovation can cost anywhere from $35,000 to over $100,000. The best options will really depend on the size of your multifamily property and the number of tenants you plan to have. Contact us today for a free project quote: cfaber@peakrenovate.com
