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A Shift from Homes to Luxury Apartments and Current Trends

As the world around us gets smaller and smaller through social media and the World Wide Web, we’re aspiring to live the picture perfect lifestyle. The expanse in material good and extravagant living is constantly increasing and why shouldn’t it? Wanting to live a life of comfort and happiness is everyone’s dream. While people look for their dream homes, and farms, and cottages, current trends show that there a lot are moving towards preferring luxury apartments in Okc.

Dual income couples are choosing a luxury apartment living over owning a house. Developers have responded to this boom in apartment living by constructing more than 250,000 apartment projects in 2015 alone. And as people choose luxurious projects, graphs show that three of every four new apartment building projects are luxury designs and aimed at renters who are willing to pay that kind of money for an apartment. Trends show that Ultra-luxury and luxury construction experienced a rise of 63% from 2012.

Even less dense cities have started making space for rich renters and projects that the median income households cannot afford. Data from early 2016 on the construction and sell-out of luxury apartments suggests that the market for these kinds of projects is not slowing down at all. Out of all the projects that were finalized, it was seen that over 77% of it was under the luxury category.

According to Rent Café, there was a huge increase all over the United States of the percentage of Oklahoma City Luxury Apartments built in 2015. This happened not only in big cities. The highest percent was seen in the South-west and mid Atlantic at 88%, following the South and Southeast at 78% and only a percent’s difference in Western USA at 77% followed by the Midwest at 73%. California and Northeast US saw a 65% rise and the Pacific Northwest saw a 61% increase in luxury apartment buildings.

One of the reasons for this boom in the amount of luxury apartments is that a lot of double income millennial households and retirees are opting to rent a good apartment instead of owning a house even if they could afford owning a house. The ones who choose to live in these apartments are usually attracted to that kind of up-scale lifestyle where everything is easily accessible and close to all kinds of amenities. This includes having a swanky fitness centers, services of a concierge, elaborate decks, and an easy access to high end restraints and shops.

One more reason for these luxury apartments to be appealing to the millennials is because of the difficulty in owning a house these days due to higher credit requirements, no down-payment, and or debts such as that of a student loan.  While this trend rises and doesn’t seem to have an end, renting an apartment for those with a median income be it individuals or couples, is becoming more and more difficult since developers are not producing affordable living apartments and developing the quintessential starter home is becoming difficult to produce.

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J Marshall Square

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9017 N University Ave
Oklahoma City,
OK
Phone: (405) 702-0060