Surprising trends are emerging in the real estate rental market, chief among them is the demographic looking to rent versus buy their home. The market is currently focusing on rentals for higher-income individuals which is changing the desired features for apartments as well.
More Money, More Rent
Historically, market demand for homeownership would increase along with an earner’s income level. The more a person earned, it was traditionally more likely that they would invest these new earnings in a home of their own. However, recent studies have shown that in fact, higher wage earners are increasingly likely to rent from Steven Taylor Los Angeles so that they can get all the perks of a well-managed living space, without the hassle of owning and maintaining an apartment.
With higher wage-earning potential, these apartment dwellers won’t settle for less than what they’re worth. Apartments from Steven Taylor LA have high-end finishes like granite, marble and stainless steel and luxury brand names on their appliances. Even the flooring plays a deciding factor, with rare hardwoods and intricate tilework being necessary features to attracting upper-end apartment seekers. Whether it’s a soaking tub, sunny patio or soft-close cabinets, well-off renters are shopping for features that will enhance their life.
People in today’s era are never far from their smart TVs, smartphones, smart speakers, or tablets. Given that this reliance on devices is a modern-day necessity, apartments need to be equipped with high-speed internet and the ability to interact with not only this personal technology but also the new world of smart home technology. An apartment that comes equipped with or can be integrated into items like thermostats and lights that can be controlled from your phone is an apartment that everyone wants, especially those in the higher-income brackets.
Work Hard, Play Hard
With great income comes great responsibility; residents of top-tier apartments typically have stressful jobs with long hours. While they’re compensated well for their grueling lifestyle, this means that they’re searching for an apartment complex with amenities that will let them blow off some steam. Amenities like a game room, outdoor pool, gym, or relaxing outdoor lounge area can be the deciding factor in whether to lease an apartment. Renters are also looking beyond the rental unit itself to the surrounding community and whether there are popular restaurants, stores and recreational and cultural opportunities nearby.
This current trend towards apartment living is driving apartment development and design in new and exciting ways. The future of apartment living will keep pace with technological innovations and the human desire to keep up with their neighbors.