5 Trends in the Apartment Rental Market
Investors, developers, and builders across Cedar Rapids and in 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 have been rental apartments. If you’re of a mind to invest in real estate, you need to know the 5 trends in the apartment rental market today.
5 Trends in the Apartment Rental Market Today as described in RealtyBiz
The Pursuit of the Urban Lifestyle
Two different demographics enter the door of rental apartments. First, millennials who are attracted to the urban lifestyle. Second, 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 who crave living in a place where everything they need and want is close by. Their location doesn’t require them to drive.
More Renters are Aspiring to Luxury Living
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:
- Multi-use common areas with luxury features
● Infinity pools
● Upgraded design features
● State-of-the-art gyms and yoga studios
● Wine rooms
Cutting-Edge Technology is Selling
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.
Signing Green Leases for a More Sustainable Lifestyle
More eco-friendly apartment complexes are being developed as renters opt for a more sustainable lifestyle.
Micro Apartments are Becoming Popular
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. They are not looking to entertain at home.
Conclusion
Despite the growing demand for rental apartments across cities in the U.S, there is still growing concern about the spiraling 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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