As I’m sure you already know: renting is the new normal. The traditional American dream of a house with a white picket fence is quickly fading, give way to a new, more transient ideal. The upcoming generation of tech savvy and socially active denizens are opting to rent for a number of reasons. More affluent renters are choosing to live closer to town centers, where they have access to all the culture and amenities their particular city provides. This new breed of renter is not only looking for location–they are seeking convenience and luxury as well. Those desires are fueling the nationwide surge in luxury, multifamily dwellings in many of the country’s larger cities.
Phoenix, Arizona is leading the nation in new luxury, multifamily abodes. Due to a current boom in Phoenix’s economy, new homes are being built as quickly as possible. Nearly 95% of this new home construction is classified as luxury apartments.
Location is the biggest selling point for this new trend. People want to live closer to the things that make life enjoyable, and desire easy access to these things. Most new developments are strategically located near the vibrant city center, eliminating the need for parking downtown.
The American lifestyle is changing. An increased rejection of the long-commute routine has fueled developments near downtown workplaces and professional centers of gravity. Renters are now able to work, play, and live in same area. Even older generations are abandoning the old style bedroom communities for the excitement of being nearer to the city’s social centers—replacing their empty nest for cozier, more conveniently located ones.
These dwellings are also redefining our idea of luxury. The new renter still wants beautiful surroundings and well-built spaces with high quality materials. But convenience has become an integral part of modern premium living. Some new luxury apartment homes are offering concierge services, such as room service, as well as on-site pools, fitness centers, and entertainment centers for use by residents.
The economic upturn in Phoenix is expected to last for quite a few years, due to continued growth in the technology sector. New luxury apartment construction is also expected to continue alongside it, creating communities around the new values of luxury, comfort, and ease of access.