Investors, developers, and builders across Pittsburgh 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 in major cities across the country have been rental apartments. If you are investing in real estate, you need to know the 5 trends in the apartment rental market today.
The Pursuit of the Urban Lifestyle
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 who crave living in a place where everything they need and want is close by and 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:
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 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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