Backyards Are Creating More Opportunities for Multifamily Operators and Residents

The backyard retreat is an obvious perk of renting or owning a home that many residents don’t always experience in multifamily. And while the latest in common-area apartment design hopes to capture that garden or courtyard experience, there’s nothing like your own personal space for relaxing or contemplating work and life. In multifamily, backyards are seldom a part of the same vernacular of home ownership. But some operators are trying to change. For residents, it’s outdoor space to call their own for hosting semi-private gatherings or just chilling out with a cold drink and a book on a warm day. For property managers it’s new revenue opportunities and another amenity designed to retain residents and lure new ones. An untapped market in multifamily Jody Marquez, president of Implicity Management in San Antonio, said backyards are an untapped market, especially for B and C apartments. The outdoor areas can command an additional $75 to $100 per month in rent while offering residents a little bit of extra personal space and fresh air within arm’s reach of their apartment. Many A-plus properties, except for high-rises are prime candidates for backyards, she said. They are “definitely a value-add for B and C properties.” One Dallas developer is adding backyards to suburban ground-floor apartments as residents request them. The backyards, usually cordoned off by wrought iron, are built to order, which saves the property from a massive capital spend converting all first-floor units and raising rent when some residents don’t see the value. “To me, it’s one of the biggest ROIs,” he said. “You don’t have to spend money until somebody commits. For the resident, it feels more like their personal space.” New design allows for openness and added security Chris Lee, president at Earthworks, has noticed an increase in backyard spaces in the last couple of years as apartments battle for mor...