ATLANTA – LIVING – If there’s a new apartment development in your neighborhood, chances are you can’t afford to live there. Most of the new rental apartment stock hitting the market over the last year was on the high-end market, and that trend is expected to keep growing. In 2015, over 75% of completed multifamily rental apartments were classified as luxury developments.
One of the reasons behind the luxury apartment boom is the increasing number of people who are willing to rent by choice instead of buying a home. According to https://ownatlantic.com/, a luxury apartment development in the heart of Atlanta, a large percent of these individuals are millennials.
Why are millennials attracted to luxury rentals?
The Luxury Lifestyle
Many of the double-income millennials who choose to live in luxury apartments are attracted to the lifestyles they provide. From modern decor to fancy fitness centers, socializing amenities to concierge services, elaborate pet centers to serviced apartments, there’s a lot to yearn for in luxury apartment living.
The majority of these luxury apartment rentals are also situated in some of the trendiest, amenity-rich neighborhoods in or new city centers. Millennials are largely attracted by a combination of convenience and luxury options that best suit their lifestyle. Developers are aware of this trend, with the luxury rental market showing an uptake in upscale projects.
It’s Considered a Better Option
Today, it has become harder for would-be-first-time home buyers to own a home. Whether due to a lack of sufficient savings to make a down payment or tougher credit requirements or in some cases, student loan debt, owning a home is no longer a first-option for millennials. In fact, millennials are opting to rent because they consider it a better option for them.
Rental apartment developers are also faced with an increasing need to achieve a balance between affordability and ensuring tenants get the very best in rental apartment living. Even in a market where millennials are considered the driving force in luxury apartment living, the quest for urban, luxury lifestyle spans across both the middle-income and high-end market.
The Location Factor
Luxury apartment developers follow real-estate trends as well as buyer behavior and attitudes and are using that to target millennials who are opting to move to high-growth areas. The location factor comes into play, especially when you have more and more luxury apartment developments coming up in areas where millennials and even retirees are attracted to.
Cities that offer new job opportunities and an attractive lifestyle for young couples and families are leading the way in high-end luxury apartments. Locations and neighborhoods that offer a communal live-work-play lifestyle are seeing more and more millennials moving in.
Preferences for luxury living among millennials continue to be strong, but will they last? A close look at rent prices in the rental apartment market also shows a steady growth, despite the imbalance in the U.S. housing market. Today’s renter wants to enjoy the convenience of apartment living combined with the luxuries that multi-family developments provide.
Luxury apartments will continue to thrive as more and more people, especially millennials, who are willing to spend, seek a more luxurious lifestyle. New apartment developments in cities around the country reflect a change in urban lifestyle that is suited for the most sophisticated renter, and as more developers join in, affordable luxury living is becoming the main focus.
Author Bio: Shawn Barton is an influencer marketing pro with brownboxbranding.com who is passionate about building authentic relationships and helping businesses connect with their ideal online audience. He keeps his finger on the pulse of the ever-evolving digital marketing world by writing on the latest marketing advancements and focuses on developing customized blogger outreach plans based on industry and competition.