Why Are so Many Americans Ditching the Suburbs for Downtown Apartments?

Written by Channel 12 Richmond on January 16, 2014. Posted in Apartments downtown, Downtown apartments, Downtown norfolk apartments

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There’s an increasing trend in the United States housing industry: renting apartments downtown. With a large social class of post-graduate Americans struggling to find a reliable source of income, and the U.S. housing market barely revived from the recent crisis, The National Multi Housing Council (NMHC) reports that nearly 95 million Americans chose to rent, instead of owning a home. But, it’s not just the young, fresh out of college crowd that’s flocking to a wide variety of affordable downtown apartments for rent, additional NMHC research findings show that 37% of renters in the United States are between the ages of 30 and 44.

So, what is the reasoning behind this large group (37%) of middle-aged American renters? Obviously, there is a number of individuals and families included in this demographic who are less fortunate, and apartment rentals are the only option that fits their financial situation. However, many developers and investors are turning older buildings such as manufacturing plants and office spaces into quality and affordable apartments downtown. On average, in the United States, studio apartments downtown are 20-35% cheaper than traditional apartments, offering a cheap renting option for those on a budget. The renovation of old, and empty downtown space into new apartment rentals is a movement that is not only beneficial to the community, but for the builders, investors, and of course, the renter as well.

Although a large collection of these downtown renting options are affordable to fit specific budgets, many of these new rental apartments are quite luxurious and expensive, and target middle to upper-class demographics. It’s not uncommon for city apartment facilities throughout the U.S. to offer luxurious accommodations such as full-sized fitness centers, pools and spas that are completely maintained, and kept up by the on-site staff. Many U.S. cities are becoming more and more vibrant, with lower crime rates, more attractions and a higher quality of life. The improvement of these urban communities provide an intriguing downtown residential location for many individuals, couples and families. Downtown communities possess features such as public transit systems, diverse collections of culinary destinations and night-life venues, as well as sporting, musical, and theatrical events, all of which help to attract thousands of renters each year. Let’s be honest, if you work in the city, commuting 30 minutes from the suburbs each day is anything but enjoyable. For those who work downtown, and are fortunate enough, renting a nearby downtown apartment is both easier and more enjoyable. Visit here for more.

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