More and more luxury rentals like Pines Garden Apartments are being developed in cities across the country. Research indicates that developers are more aggressive in developing high-end luxury apartments than single-family housing units.
This frenetic pace of development of rentals is even visible in mature metropolitan areas like Florida where Pines Garden Apartments are located.
This growth in the luxury rental space must be a response to an increase in demand for this type of housing. Considering the high rental rates of these properties, it should be evident that the tenants of a high-end Pines Garden Apartments can clearly afford the mortgage of a single-family unit but prefers the rental than ownership for a reason.
Millennials and retirees seem to prefer luxury rentals possibly because they are attracted to the lifestyles that these high-end properties provide. Residents at Pines Garden Apartments can have access to high-end amenities such as fitness centers, a clubhouse, media rooms, and fitness Studios.
Developers of luxury rental apartments are responding to this increased demand from millennials who want to live a certain lifestyle.
Research from marketwatch.com indicates that millennials are drawn to these high-end buildings clearly because of the access to the lifestyle that would be very difficult to achieve in a single-family unit. Communities like Pines Garden Apartments are located in ideal locations with great neighborhoods that millennials find appealing.
We will now look into more detail why communities like Pines Garden Apartments appeal to millennials and retirees.
Lifestyle fit
Most millennials find that the lifestyle provided by a community is like Pines Garden Apartments is a match with their individual lifestyles. There are many obligations that come with the ownership of a single-family unit. Running a home requires a lot of time and commitment that most millennials and retirees simply cannot squeeze out of their busy lives.
The fact that maintenance of an apartment is the prerogative of the landlord means that it is less hassle to live in an apartment complex than in a single-family unit where all maintenance responsibilities lie solely with the homeowner.
Location
Millennials prefer housing that allows them convenient access to their day-to-day routine destinations. With the heavy work demands that demand efficiency in work to home and home to the work commute, it makes more sense to live within a short commute of the workplace.
Apartment complexes are easy to find within a reasonable commute distance from urban and suburban areas where most workplaces are located. It is a lot harder to shop for a single-family unit within a reasonable commute of a specific workplace than it is to shop for an apartment complex within the same locality.
Developers of luxury apartments like Pines Garden Apartments have a lot of financial muscle and can afford to acquire prime land that is in an ideal location to develop these luxury apartments.
Affordability
Unfortunately, even with very well paying jobs, it is a whole lot harder now for first-time, potential homeowners to purchase a home today. It takes a while to be able to save for a down payment on a luxury home while still meeting the day-to-day needs.
So first time home buyers, find it more logical to rent an apartment while they work on their financial foundation with the hopes of purchasing their dream home in the future.
Working on their financial foundation includes aggressively paying off debts like student loans which adversely affect their debt to income ratio and reduce their likelihood of securing mortgage financing from lenders.
Access to amenities
Luxury apartments like Pines Garden are only profitable to the landlords when the occupancy rate is high. A strategic way of driving a high occupancy rate is to make the rental property as appealing as possible to potential tenants.
Providing amenities at the fingertips of your tenants 24 hours a day, 7 days a week, is very appealing indeed. The convenience of having these facilities within reach of your residence, eliminates time wasted having to commute to external facilities.
Facilities like state-of-the-art gymnasiums and fitness Studios enable millennials to live a healthy and fit lifestyle, something that is considered important by this generation. Accessibility to lounges and coffee bars meshes well with the lifestyle of millennials who enjoy socializing over coffee and some even prefer working in these social spaces over the confined office spaces.
Flexibility
The modern work environment is very different from what it was in yesteryears. Older generations could confidently invest in a single-family unit and pay a mortgage for this house over decades with the assurance that they would rarely need to move from that particular location.
In that era, an individual would work for the same company their entire working life with very minimal disruption in terms of relocating to another branch. With this stability in mind, it made more sense to purchase a single-family unit.
In the current workspace, millennials cannot afford to be tied down by a house to a single location. The current workplace is very dynamic and millennials are expected to be flexible enough to shift from one location to another quickly and efficiently.
So it makes more sense to rent in a complex like Pines Garden Apartments because should one’s work situation change, it is simply a matter of giving the appropriate notice on the lease and relocating.
Renting an apartment also allows millennials the flexibility of locking and leaving their apartments for extensive durations of time without concerning themselves too much about the safety and security of their assets. This piece of mind comes from the fact that luxury apartments like Pines Gardens have a centralized security system run by professionals. This makes security in apartments far more reliable than in single-family units where the house is easily identifiable as unoccupied.
The closeness of neighbors in apartments also acts as a deterrent to would-be burglars because everyone looks out for each other.
So that is our analysis of why millennials and retirees are drawn to luxury apartments.
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