5 Ways Rooftop Amenities Can Generate Revenue (Other Than Increased Rent)

5 Ways Rooftop Amenities Can Generate Revenue (Other Than Increased Rent)

When designed right, rooftop amenities can have a major impact on rent. Across the country, residents are eager to pay more for units that grant them access to these spaces. 

But increased rent isn’t the only way rooftop amenities can bolster net operating income. Consider these additional five ways you can leverage rooftop amenities to generate higher revenue.

1. Make Your Rooftop Amenities Part of a Members-Only Club

Increase your revenue by giving access to your rooftop amenities through a paid membership. At X Denver, for example, club memberships can be purchased by non-residents. This gives members access to a range of amenities, including the rooftop bar and pool. Full access to the club is included in the rent if you are a resident.

This arrangement grants more people in the community access to enjoy the high level amenities at X Denver, while increasing the value to residents who have the opportunity to connect with a wider range of people. And, as mentioned, it brings in additional income for the property without much extra expense. The perfect win-win.

2. Open a Rooftop Restaurant or Bar

Use a portion of your rooftop space for a restaurant or bar as another way to bring in revenue from a wider range of customers. ​​The rooftop patio at the Residence Inn in Downtown Boise became such a special place, it was difficult not to share it with everybody. After receiving a lot of attention from locals – including Boise’s mayor – the Marriott-owned hotel decided it was worth taking full advantage of their special roof deck by opening it to the public.

Now the rooftop is the location of a new outdoor bar with weekly live music, weddings, and other special events that bring additional marketing attention and revenue to the hotel.

3. Host Private Functions

Urban rooftops are prime locations for private functions — from business networking events to weddings. They serve as valuable spaces that can be rented out for additional income from these events.

Weddings at 4th West’s Skylounge, for example, are provided with an ambience that is unmatched. Who wouldn’t want to host their special occasion in such an amazing view of iconic downtown Salt Lake City? 

What about tenant complaints? Will your residents be frustrated by losing access to the rooftop amenities on occasion? Hopefully! That means it’s a space where people want to be. There should be a balance of how often they’re used, however. While it’s great to take advantage of the opportunity to rent out your rooftop for private events, make sure it doesn’t come at too great an expense or inconvenience to your residents.

4. Rent Out Smaller Spaces

If your rooftop is so popular and your residents would revolt if you closed it for a private event, consider only renting out a portion of the rooftop. If you have a few spaces that are particularly popular, you can make them available for reservations. TV lounges, cabanas, spas, or sport courts are examples of smaller spaces that could be reserved for a fee.

From the beaches of Miami to the day clubs of Las Vegas, luxury cabana rentals are a resort trend that offer a higher tier of experience while increasing the bottom line. Easily adaptable to urban hospitality and multifamily communities, the ability to reserve these smaller spaces is in high demand. 

5. Collaborate with Consumer Brands

Consumer brands can see your rooftop amenities as a valuable opportunity to work with you. Some may pay for a booth at a community event to get in front of your residents. Others, like the boutique clothing stores that use Skyhouse rooftop for photoshoots, may be looking for a compatible brand to enhance their image. 

Rooftop amenities are the ideal setting for creating brand imagery and video to market consumer products to an urban community. Imagine your rooftop amenities are the setting for a commercial of the next big thing to hit your city? People will see it and think, Hey, I want to live there!

Rooftop Amenities are More Than Perks

Rooftop amenities can provide value beyond their given impact on marketability and rent. Combine that with any of the strategies above and maximize your return on investment in standout rooftop and outdoor living experiences.