Luxury Apartment Rental Statistics 2017-2018
Many people in the United States prefer to rent living spaces rather than outright buying homes. Home ownership includes a host of responsibilities, including fixing appliances, repairing busted plumbing, and taking care of all necessary renovations – even worse, owners are required to pay for these problems out of pocket! As such, millions of Americans rent apartments, ranging in size from minuscule studios to four bedroom, four bathroom apartments that can fit their entire families.
While not every American can afford to lead luxurious lifestyles by owning top-notch, million-dollar homes, many more United States citizens can rent luxury apartments if they’re wishing to live the pampered lifestyle. Let’s look at several statistics from calendar year 2017 about luxury apartments in Tempe AZ.
From 2016 to 2017 in the United States, 92 out of 100 of the biggest cities’ and metropolitan areas’ apartments and homes, prices grew steadily, many of these areas experiencing multi-year, long-term growth. Seeing as these prices are rising so high – which includes homes, studios, and all types of living spaces – it makes sense for Americans to rent living spaces, and as cheap as possible. Renting luxury apartments is one way for middle- to high-income people to do so, a balanced medium between upper-class homes and standard apartments.
In Music City, America – that’s Nashville, Tennessee – the average rent at apartment buildings has steadily risen throughout the first half of 2017 continuing a trend from the past few years. Paradoxically enough, luxury apartment complexes that were recently built have experienced lower monthly rents. This is likely to cause an increase in residential moves, as well as drive up the price of luxury apartments in the long run. Looking forward, the price will rise because competition for renting luxury apartments will eventually reach a bubble and burst.
The Empire State, or New York for the unaware, has always been notorious for featuring extraordinarily high rents. Run-down apartments housing nothing but low-income individuals are relatively expensive, and so are upscale, luxury rental homes – everything in New York’s housing market is traditionally expensive. However, in recent years, average rent price has stagnated, with an influx of brand new living spaces at fault. Investors and property management companies are aware of this uptick in available living spaces, which will likely result in more apartments being built and their aggregate rents actually lowering, or most apartment complexes will stop being built, with rents rising as early as 12 to 24 months from now.
New apartment complexes are being built more quickly than ever before, largely outgrowing population growth in the United States. This uptick is being felt across the United States, although rental prices are growing just as steadily. Although it’s difficult to predict, average monthly rents will likely being to stagnate and, later on, decrease, because profit associated with building new places to live will drop considerably sooner than their associated rents.