The adoption of innovative ideas and products is often overshadowed by the fact those innovations cannot be made profitable in present market conditions. Sometimes innovation requires new equipment and other investments. Sometimes the marketplace is slow to see the benefit of innovations that deviate from the status quo. These are issues we contend with at URBANEER™. The apartments we design and furnish represent a leap in multifamily development innovation. They are designed, developed, and used in a fundamentally different way than conventional apartments. They’re typically smaller. They rely on built-in, multifunctional furniture than maximizes every cubic foot of a unit (not just square feet). They are designed to fit more connected, mobile lifestyles.
Fortunately in our case, innovation does not come at the expense of profitability. Across our fifty-plus projects, our units have consistently leased faster and yielded substantially higher rents on a square foot basis than conventional units.
Here are a few examples:*
- Venue Tower: URBANEER studios get 21% rental premium on square foot basis versus all other units, and 12% more than non URBANEER studios. Our units were the first to lease in this new development.
- The Morton: URBANEER studios get 21% rental premium on square foot basis versus all other units, and 25% more than non URBANEER studios. Leasing agents report that our units consistently outperform the building’s one and two bedroom units.
- Barley Flats: URBANEER studios get 19% rental premium on square foot basis versus all other units, and 38.3% more than non URBANEER studios. With the addition of our furnished units, developer was able to add an additional six beds as compared to the initial layout, and URBANEER studios were first to lease.
The value URBANEER brings benefits developer and renter alike. The benefit to the developer is higher rent per square foot, more units per building, and higher revenue overall. The renter benefits from lower monthly rent for a space that has multiple functions and lives much larger than its compact dimensions would if it were conventionally designed and furnished.
If you have a project, let us find out how we can help you make it more marketable and profitable for today and the years to come.
*Rents are based on October 2017 figures.