The Benefits of Renting a Loft Apartment
Recently, Brooklyn New York was rated the most expensive place to own a home in the United States, beating out notoriously expensive metropolitan areas such as San Francisco and Washington D.C. Interestingly, these statistics were quite surprisingly. Brooklyn was once considered a refuge from the overly priced city loft apartments and townhomes in Manhattan.
While Brooklyn may be the most expensive place for home ownership in the country, renting lofts and apartments is a viable option to home ownership. In fact, home ownership rates are the lowest they’ve been in nearly seven years. While the real estate market has shown promising signs of recover following the Great Recession, potential home owners are still doubtful. On the other hand, renting new luxury apartments in both metropolitan and suburban areas is in.
For millennials living in metropolitan areas, renting city loft apartments is simply a way of life. Crushed by massive amounts of student loan debt which in many cases has led to poor credit scores, most millennials are simply not in a position to purchase a home and may never be able to. However this sits just fine with them. The clandestine American dream no longer includes a house in the suburbs and a white picket fence. Rather, city loft apartments with scenic views and modern amenities has taken its place.
Many choose to rent a luxury apartment for convenience. However, don’t let the word luxury fool you. While luxury city apartments are known for their scenic views, sophisticated interior and world class amenities, they’re also surprisingly affordable, which is a plus for millennials.
Once equated with “having made it”, home ownership is now considered by some to be a financial pitfall or trap. Owning a home is expensive. Period. All repairs must be paid for out of pocket, and taxes can increase the cost of owning a home substantially. However, tenants who rent loft apartments have the luxury of having repairs paid for by their landlord or property management company. Several loft buildings offer round the clock maintenance as an added convenience.
Also, lofts for rent typically have flexible leasing options, which is a must have for millennials, many of which frequently move in order to pursue career options.
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