It’s no secret that playgrounds can increase the value of a property. But did you know that installing a playground in your multi-family community can make it more rentable and attractive to prospective residents?
In this blog post, we’ll discuss the advantages of installing a playground in an apartment complex and some design considerations to keep in mind. We’ll also touch on the installation and maintenance cost and how you can expect to see a return on your investment.
According to a study by the Appraisal Institute, installing a playground on your property can increase its value by up to 5%. This is because potential residents see playgrounds as a valuable amenity, especially if they have young children.
Another advantage of installing a playground is that it can increase residents’ satisfaction. This is especially true if your complex does not have any other amenities for children. By providing a place for children to play, you are showing your residents that you care about their needs and are invested in making their experience at your complex positive.
Finally, playgrounds can also help you attract more residents to your complex. Families with young children are always looking for apartments that offer amenities like playgrounds, so having one on your property will make it more appealing to this demographic.
The size of the playground will be determined by the amount of available space and the number of children that will be using it. It is important to have enough space for the playground equipment as well as a safe perimeter around the playground. The location of the playground should be easily accessible for residents with young children, but should also be far enough away from traffic and other hazards.
The safety of the playground is paramount, and all equipment should be chosen with this in mind. Age-appropriate play structures should be selected for each age group using the playground, and all materials used should meet safety standards. The playground should also be designed with easy seating access so parents can watch their children while playing.
There are many different types of playground equipment available, and it is essential to choose the right mix to create a fun and safe environment for children of all ages. Some examples of popular playground equipment include slides, swings, monkey bars, climbing structures, sandboxes, and water features.
The surface material under and around the playground equipment is just as important as the equipment itself regarding safety. Surfacing materials such as rubber matting or mulch can help to protect against falls, while smooth surfaces such as concrete or asphalt can help to prevent trip hazards.
A playground is not just about the equipment, but also about the surroundings. Here are some amenities to consider for making your playground more enjoyable for everyone in the apartment complex:
The price of putting in a playground at your apartment community will change based on how big and kind of playground you want. It could cost around $15,000 and $36,000 for the equipment and the installation. But don’t worry. We have different choices of playgrounds that fit various budgets and spaces.
The return on investment for installing a playground in an apartment complex is twofold: first, there is the increased value of the property itself; and second, there is the increased rentability of the complex due to increased resident satisfaction (which we discussed in Section 1).
In terms of increased property value, studies have shown that installing a playground can increase the value of an apartment complex by 5-10%. This means that if your apartment complex is worth $1 million, installing a playground could increase its value by up to $100,000.
In terms of increased rentability, studies have shown that apartments with access to a playground are 10% more likely to be rented than those without access to a playground. This means that if your apartment complex has 100 units, installing a playground could increase your occupancy rate by 10%.