A recent survey conducted by WilliamPaid determined that over 100 million people pay rent each month. Nearly 44% of the surveyed respondents who have an average monthly rent payment of $1,033 said that they plan on continuing to rent, while around 56 percent of respondents are renting an apartment with hopes of one day owning their own home. With changes in employment, educational needs, and other life factors such as more retirees from the baby boomer era on the cusp, the need for newer housing in more affluent areas is higher than before. Many households have concluded that apartment communities are a much better choice to meet their lifestyle demands, and are more cost effective than owning a home. That said, most of today’s leading complex owners and apartment management companies are catering to the mid-higher income families, professionals, and seniors.
There are other reasons why apartment life has become more attractive. Todays apartment buildings and complexes have much more to offer than ever before. Following is a short list of those things most renters look for when apartment shopping:
- More space with eco-friendly features, both inside and out.
- Garage space or designated parking lots.
- Updated kitchen and baths.
- In house amenities, such as Wi-Fi, pre-wired areas for entertainment systems, private alarms.
- On-grounds amenities, such as swimming pools, playgrounds, fitness centers, cyber cafes, game rooms.
- Planned activities and social events for residents and invited guests only.
- Nice curb appeal and well-kept lawns, sidewalks, security lighting, safety features.
- Close to other amenities such as restaurants, shopping, medical care, public transportation, theaters, etc.
Homeowners are responsible for everything that breaks and needs fixing, from a leaky roof, to a broken appliance, to malfunctions in the heating/air system, as well as a bucket full of other chores such as snow removal, maintaining lawns, driveways, sidewalks, patios, decks, in ground pools and other personally owned amenities. Factor in the additional interior maintenance of paint, carpets and other type flooring, faucets, lighting, window repairs… the list never ends! Another perk of apartment life is that renters are not responsible for repairs. Most complexes have a full-time maintenance crew and will promptly take care of any problems that may arise.
Of course it goes without saying that the more luxurious apartments that come with higher grade amenities, the more it may cost to live there. However, since the sq. footage of apartments is still on average much smaller than most single family homes, the money saved by using less electricity, water, gas, could offset the higher rents of a more upscale unit within a higher grade complex. Last but not least, many former homeowners now enjoying apartment life have discovered the advantage of living within a prestigious area without paying the high property tax they paid during their years of home ownership.
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