Why are Social Spaces Important in Multi-Family Developments?

Multi-family residential developments are constantly evolving. They have interesting amenities like running tracks on the roof, upscale restaurants, and movie theaters, all in one place. Living in a community that offers more than just a bed and a place to eat has its advantages in today’s day and age.

At Terra Alma, we work with residential developers to help them make the shared spaces a success. Today, let's talk about why these common areas are so important in residential development projects:

What Is a Social Space? 

Social spaces can be gardens, game rooms, gyms, kitchens, movie theaters, bars, restaurants, or any area in a residential facility that many people can use at the same time.

Why do Social Spaces Earn More ROI?

Social spaces, especially when they're well-kept and available to residents, can make your development more appealing and bring in more profits. Studies on social spaces close to new housing developments show that properties near well-maintained green areas are worth more.

You (as a developer) can also increase the value of your properties by tapping into recent property trends, where people want more square footage. Social spaces in modern developments make it seem like residents are getting more for their money.

With a café, restaurant, and gym nearby, it's easier for people to have everything they need close by. But why do people love social spaces, and why are they important? Let’s look at some benefits:

1.   Building A Community

A recent study examined how social spaces in a neighborhood in Helsinki can make people feel more connected. It found that when there are places for everyone to use, people feel happier and stay in their homes longer without any problems.

Having shared spaces makes it easier for people to become friends and feel satisfied, turning residents into friendly communities instead of just buildings.

2.   Satisfaction of Residents

Communal facilities where people can hang out together, like rooftop gardens, shared lounges, coffee shops, and co-working spaces, are popular among tenants, no matter how old they are or how big their family is.

This is probably because everyone likes having some shared space in their residential area. Older people might like the community feel of shared areas, families might appreciate gardens for kids and pets, and working adults might enjoy having a gym or coffee shop right where they live.

3.   Cost of Living

Even though it's not fun to talk about the high cost of living right now, having shared spaces in residential developments can help us deal with the stress of our home environment and also save money on electricity and water.

It might be cheaper to use the gym equipment in shared areas or exercise in the development's outdoor spaces instead of doing it at home. Also, working in shared seating areas or co-working spaces can give you a break from sitting at your desk. It not only lets you socialize but can also save on energy bills by leaving your home, turning off lights, and cutting electricity costs.

4.   More Flexibility

Social spaces let people break down barriers and hang out in a safe place near their homes. Each shared/social space serves in multiple ways to help people in their daily lives. Lobbies and cafes become spots to meet friends or work in a different place than just on your sofa with your laptop.

Now, we're also seeing a new trend where spaces can easily change from private to shared – like turning a personal gym into a place for everyone with a sliding door. These ideas that bring more flexibility to homes make the future of social spaces really interesting and promising for residential developers.

How Terra Alma Can Help You in Your Residential Development Project?

At Terra Alma, we have a history of helping developments improve their social spaces to make residents feel taken care of, increase the value of the development, and make the units more attractive. Having shared gyms, meeting rooms, and cinemas is great for your development, but it's important to keep them well-maintained to keep their value for residents and keep them being used.

Our expert project development consultantsin Atlanta help you maximize the ROI, and increase the worth of your real estate portfolio. Interested to learn more about us? Drop us a line or two, and we’ll be happy to assist you.