Standing out from the crowd: How do you ensure your next apartment development will stand the test of time?

When it comes to building new apartment complexes, there’s a lot of competition.

Property development is a complex and expensive endeavour, however, apartments can be one of the most lucrative property development project types.

And they can also provide some of the biggest headaches.

With interest rates rising, and prices stagnating, savvy apartment buyers are looking for apartments that go beyond the cookie-cutter complexes that have been popping up around Australia’s capital cities for so long.

For developers, this means the challenge is not just to build apartments that will turn a profit, but to create a development that will stand out from the crowd and have real staying power.

So how do you create an apartment complex with the best ROI, that will make heads turn and renters happy for years to come?

There are many tips and tricks that you gain over time and with experience. Understanding the current landscape and adapting to each market ensures that you keep ahead of the game and build for the future.

Also, creating properties that stand out, are easy to sell, and attract good tenants is part of a successful investment strategy. In order to ensure your apartment development stands out from the crowd, you need to make sure it has some key features that will appeal to your target market.

Here are our six tips to get you started:


1. Location is key
   Sounds cliché, but sometimes, the oldest property rules are the truest, no matter the type of property you are talking about. One of the most important factors that apartment buyers – either as potential occupiers or investors – decide whether or not to live in an apartment complex is its location. Is it close to public transport? Are there good schools in the area? Is it near shops and restaurants? Are there parks or gardens within walking distance? These are all things potential tenants will be taking into consideration and comparing with other properties. So, when you’re choosing a location for your development, make sure it ticks all the right boxes.
   
   
2. 
Quality over quantity
   As a developer, it can always be tempting to base your development plans on building as many units on a site as possible. However, in the current market, it’s important to remember that quality is more important than quantity. This doesn’t mean you have to build huge, luxury apartments – although if that’s your market, then go for it. But even more modestly priced apartments will need to be well-designed and finished to a high standard in order to stand out from the crowd. In other words, don’t skimp on quality just to try and save a few dollars. It will end up costing you more in the long run. Aside from apartment size, think about the finishes and the fixtures you use. Use quality materials that will stand the test of time, and make sure the workmanship is up to scratch. It also gives you an edge when promoting and selling.
   
   
3. Think about amenities
   If you’re building an apartment complex, It’s the little things that can make a big difference when it comes to making it unique and super attractive. Things like having an on-site gym, swimming pool, or extensive common areas to enjoy can all add up to create a sense of luxury and exclusivity that will appeal to tenants. Of course, more amenities also mean that the eventual purchasers will have higher body corporate/owner’s corporation costs to contend with.  But if you can find the right balance, amenities can be a real deal breaker.
   
   
4. Set yourself apart with green credentials
   With more and more people looking to live a sustainable lifestyle, having eco-friendly features in your apartment complex is a great way to set yourself apart from the competition. If you’re targeting this market, consider adding solar panels, water recycling systems, or electric car charging stations are all great ways to show that you’re serious about being eco-friendly.
   
   
5. Communal Space
   By their nature, most apartments are considerably smaller than their townhouse or house equivalents. That means that sometimes there just isn’t enough space for the entertaining that some people like to do.  Creating communal spaces – like a rooftop garden or BBQ area – can give tenants the extra space they need while also providing them with a chance to socialise with their neighbours and create a community feel.  It’s a win-win.
   
   
6. Make use of technology
   Technology is becoming increasingly important in all aspects of our lives, so it’s no surprise that it’s also playing a role in where we choose to live. Apartments that have features like keyless entry, Wi-Fi throughout the complex, and smart home features like lighting and heating controls are all becoming more popular with tenants. So, if you want your complex to stand out, make sure you’re incorporating some cutting-edge technology into your design.

There’s no doubt about it, building an apartment complex is a big undertaking. But if you want your development to be successful, you need to make sure its as good as or better than the rest. By following these tips, you’ll be well on your way to achieving that goal.

Of course, Kirwan Property Group is always here to help Australian property developers, no matter how experienced, with their due diligence when it comes to completing profitable property developments that also deliver a long-term ROI for your investors.

As a developer, the long-term performance of your projects is ultimately what counts and keeps your buyers coming back for more. At Kirwan Property Group, we understand this better than anyone. We offer a full suite of development consultancy services to help you get the most out of your development projects. Contact us today to find out more.