Pub. 3 2018 Issue 4

20 www.ctaahq.org and a book on a warm day. For property managers it’s new revenue opportunities and another amenity designed to retain residents and lure new ones. An untapped market in multifamily Jody Marquez, president of Implicity Management in San Antonio, said backyards are an untapped market, especially for B and C apartments. The outdoor areas can command an additional $75 to $100 per month in rent while offering res- idents a little bit of extra personal space and fresh air within arm’s reach of their apartment. Many A-plus properties, except for high-rises are prime candidates for backyards, she said. They are “definitely a val- ue-add for B and C properties.” One Dallas developer is adding backyards to suburban ground-floor apartments as residents request them. The backyards, usually cordoned off by wrought iron, are built to order, which saves the property from a massive capital spend converting all first-floor units and raising rent when some residents don’t see the value. “To me, it’s one of the biggest ROIs,” he said. “You don’t have to spend money until somebody commits. For the resident, it feels more like their personal space.” New design allows for openness and added security Chris Lee, president at Earthworks, has noticed an increase in backyard spaces in the last couple of years as apartments battle for more residents by offering non-mainstream ame- nities. He said several new properties have backyards and sub- urban communities built since 2000 are adding them. One four-year-old property in Mansfield, Texas, recently installed 32 backyards. The concept isn’t entirely new—townhomes and apartments on larger plots have offered wood-fenced areas for years. Spac- es typically run the width of the unit—about 8 feet—and are 10-12 feet in depth. What’s different is that yards are being fenced with wrought iron to retain openness and for security. “With wrought iron, it’s more open and you can see around you,” he said. “There’s no chance of somebody hiding in the yard,” Lee said. Residents should be protected from liability With new territory comes things to consider, industry pro- fessionals say. Just because the resident may have a backyard doesn’t mean that anything goes. City codes and property rules for grilling, safety, how the space is maintained and used, even liability, are at the top of the list. Residents should understand they are responsible for what goes on in their backyard and cover themselves accordingly, say insurance professionals. Renter’s insurance should be a part of the equation to protect the resident and property. “Third-party liability policies typically cover apartment back- yards when it comes to things like accidental fires,” said Ed