Developing multifamily housing in Calgary comes with plenty of opportunities.
In this vibrant city with tons of room for innovation, designing an apartment complex, triplex, or row of townhomes provides certain liberties unavailable in other locations.
From the beauty of the mountains to the convenience of city living, there’s much to pull from during the design phase. While innovative home design enhances aesthetics and convenience for tenants, it also comes with benefits for developers—like raising real estate value.
Better design in multifamily housing can significantly increase sales valuation by enhancing aesthetic appeal, functionality, and overall livability. In turn, this attracts higher-quality tenants and justifies premium pricing.
Discover 7 ways innovative home design increases multifamily housing value by drawing attention to your development and creating a living space that feels like home to future residents.
Design Ideas That Add Value to Multifamily Developments
As a developer in Calgary, you have unique opportunities to use interesting home plans to build innovative multifamily housing. While going with a plain, stock home design plans may cost less, this may result in a lower property valuation and compromised brand reputation which costs you more in the long run.
Some innovative design ideas part of high-value multifamily homes include:
- Embracing the Local Scene: Calgary’s unique blend of city vibes and natural landscapes offers an ideal backdrop for multifamily home design.
- Committing to Sustainability: Today, building sustainably is essential, and it’s what savvy residents look for.
- Designing with Convenience in Mind: Incorporating mixed-use spaces brings unmatched convenience to residents’ doorsteps.
- Thinking Family-Friendly: Calgary is home to many families, so considering this within home design is always a good idea.
- Fostering Community Interaction: Creating spaces where people can connect and interact can turn individual units into a close-knit community.
- Using Cutting-Edge Building Techniques: Modular construction, for example, can reduce build times and costs, while newer materials can offer better insulation and longevity.
- Building with Flexibility in Mind: Flexible design elements such as reconfigurable walls or multipurpose rooms can adapt to changing resident needs, adding long-term value to your project.
7 Reasons to Include Innovative Design When Developing Multifamily Housing
1. Attractiveness & Curb Appeal
First impressions matter. A property that features compelling design and attractive landscaping stands out in the real estate market. You’ve likely noticed the difference between poorly and well-designed multifamily housing complexes, which means renters and buyers do too.
Better-designed buildings attract more potential buyers and renters, allowing for higher occupancy rates and the ability to ask for higher rents. These are both key factors in increasing the property’s valuation.
2. Enhanced Usability & Functionality
There’s a growing need for functional living spaces that grow with tenants. Smart design optimizes the use of space, providing functional living areas, ample storage, and community areas that enhance the resident experience.
This type of design increases owner and tenant satisfaction and retention, both crucial for stable cash flows—a primary factor in property valuations.
Utilizing stock plans often leads to a lack of variety in building exteriors, causing many properties to appear nearly identical to their neighbors. In contrast, innovative design emphasizes uniqueness, a quality highly valued by residents seeking distinctiveness in their living environments. This differentiation can significantly boost a property’s appeal and competitive edge in the market.
3. Premium Amenities & Features
Within city living, convenience and security are key.
Properties that offer unique or high-end amenities such as fitness centers, smart home technology, and enhanced security features are very appealing. These amenities can create a luxury perception that increases the property’s desirability, allowing for premium pricing and higher overall valuation.
4. Flexibility & Adaptability
As needs and styles change, certain housing features become unnecessary or out of date. Take the coal chute, for example, a staple built into homes in the early 1900s used to prevent coal ash from ruining lawns and gardens.
Designing a flexible home that can adapt to changing needs is a smart idea that will help keep the value of your property high for many years. Some examples include convertible spaces or units that can be easily modified, which ensure the property remains relevant and in demand across market conditions and trends.
Adaptable home design reduces the risk of an outdated property, making it a safer, more attractive investment for potential buyers.
5. Brand & Market Positioning
Each developer has their own specific brand. Smart home design can help yours stand out.
A well-designed multifamily property can help establish or enhance your brand, allowing you to be known for quality and reliability. A strong brand can be a significant competitive advantage, attracting more investors and residents—and driving up property values.
6. Reduced Maintenance & Operational Costs
The saying, “You get what you pay for,” is especially true when it comes to building materials and quality design.
Quality design and construction can reduce the need for frequent maintenance and repairs, lowering operational costs over time. These savings can be passed on to tenants and investors, improving the property’s profitability and boosting its valuation.
7. Energy Efficiency & Sustainability
It’s common for prospective renters and buyers to inquire about utility costs. This, after all, will impact the total amount they pay for their unit.
Incorporating sustainable design elements like energy-efficient appliances, solar panels, and green roofs can significantly reduce utility costs. These savings make the property more attractive to eco-conscious tenants and investors, potentially leading to higher rents and lower vacancy rates.
On top of that, sustainable buildings often qualify for tax incentives and grants, improving the property’s financial performance.
Increase Appeal, Function & Value
Calgary’s population is growing. This means the need for multifamily housing is too. As a developer, you have the chance to create a standout property that benefits both you and future tenants—and innovative residential design is an important part of that.
Contact Ellergodt Design to learn more about what’s possible for your next project in Calgary and beyond.
FAQ
How does location affect the value of multifamily real estate?
In Calgary, the value of multifamily real estate is significantly influenced by its location. Typically, properties with higher value will be located:
- Close to essential services, amenities, and public transportation
- In safe, quality neighborhoods
- In areas experiencing infrastructure upgrades and developments
- In locations with favourable zoning regulations
Should I rent or sell a multifamily development?
The decision to rent or sell a multifamily development depends on several factors, including your financial goals, market conditions, and the property’s location.
Learn more on this topic.