Numerous reports from the real estate market indicate that apartment life is gaining popularity. Though homeownership once dominated the housing market, people are increasingly choosing to rent apartments rather than purchasing homes. Taking this route offers several advantages, such as reduced expenses, not having to worry about maintenance and repairs, and having less space to keep clean to name a few.
Investing in the Present and the Future
All this has led investors to take a second look at apartment complexes. While all sectors of the market offer unique opportunities at this point, luxury apartments are becoming a particular focal point. Apartment dwellers in some of the more expensive cities are packing up shop and heading out of town right now because of the outrageous rental rates.
That doesn’t mean they want to get away from city life or even high-end living quarters for that matter. As the team at NRIA can attest, catering to this portion of the population could prove to be a successful investment. Of course, if you’re considering investing in luxury apartments, it’s important to understand exactly what potential tenants expect.
Setting Apart Luxury Apartments
Luxury apartments stand out from their conventional counterparts on a number of levels. Those who are in the market for this type of dwelling expect quite a bit more and with good reason. Their heightened tastes and expectations come at a significant price. As such, meeting or exceeding their demands is essential.
More Space
High-end apartments typically give tenants more room to spread out than standard varieties. If they happen to offer the same square footage as nearby cut-rate apartments, they at least need to generate the illusion of being roomier. From another angle, they generally provide their tenants with more distance from the neighbors and a higher level of privacy.
Updated Fixtures and Furnishings
Those who are looking for luxury apartments want only the best. They won’t stand for gas stoves from the ’70s or refrigerators that were manufactured before icemakers became standard equipment. Cheap, poorly finished bathtubs, flimsy plastic light covers, and bargain vanities won’t fit the bill, either. Rest assured, they can spot the difference.
Optimal Upkeep
In a basic apartment, things may look well-kept and in good repair at first glance. Shortly after the move-in date, though, problems become obvious. Mysterious stains begin to manifest through the paint in the bathroom. Towel racks fly off the wall at the slightest tug. Electrical outlets stop working, and ineptly patched drywall becomes painfully obvious. Kitchen backdrops start to peel off the poorly painted walls to which they’re affixed.
Luxury apartment renters won’t put up with ridiculous developments like these. They expect their apartments to be meticulously and expertly maintained. If problems like the previously mentioned ones start cropping up, those are legal grounds for breaking the lease. They’ll damage the property’s reputation as well as that of its owners, too.
Overall
Apartment living is becoming more popular with each passing year, making apartment complexes a favorable option for real estate investors. Though investing in standard properties has its advantages, many are trending toward the higher end of the market right now. Doing so comes with more expenses and loftier expectations, but the payoff could also be more significant in the long run.