Investors, developers, and builders across almost every metro area in the U.S are scrambling to keep pace with the growing demand for multifamily housing, especially apartment rentals. Market reports show that up to 90% of recent multifamily developments in major cities across the country have been rental apartments. There are 5 intriguing trends in today’s apartment rental market
Rental apartments are attracting two different demographics: millennials who are attracted to the urban lifestyle and empty nesters who want to downsize after their kids have left the nest. Much of the rental apartment trend is being fueled by young professionals. They crave living in a place close to everything they need and want.
A larger number of new apartment rental communities are targeting renters who aspire to luxury living. To attract such renters, apartment rentals must offer a range of luxury amenities like:
More renters are expecting their apartment complex to provide cutting-edge technology such as high-speed internet, customizable entertainment packages, smart security, and other apartment technologies.
More eco-friendly apartment complexes are being developed as renters opt for a more sustainable lifestyle.
Based on recent real estate reports, micro apartment units of approximately 350 sq. ft. are quickly becoming a trend in urban centers. These micro units tend to draw young singles that simply want to live in a prime location and don’t need to entertain at home.
Despite the growing demand for rental apartments across cities in the U.S, there is still growing concern about the rising cost of renting these units. Nevertheless, real estate experts continue to point at changing demographics, economic and cultural factors that they believe will continue to energize the demand for multifamily apartment rentals for several years.
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