The nation’s apartment builders have put out a report which shows a burst of multifamily building in central cities over the past decade.
City construction has increased faster than that of suburban growth. Building permits for metropolitan areas are up from 17% to 21%. In 1999 apartment construction in these areas was up 55% from 1992 levels.
The lifestyle of the city is attracting childless couples, singles as well as households comprised of roommates. These groups prefer to rent rather than buy. These close-in locations eliminate or reduce commuter headaches. Most renters prefer to be close to mass transportation. Some are even willing to shed their cars for the conveniences of the city.
Many renters seeks the amenities of today’s new apartment construction - DSL lines, a business center in the building, top of the line alarm systems, gas fireplaces, gourmet kitchens, and fitness centers with state of the art equipment. Many more features than most individual houses offer.
The convenience of city living is attracting people in the age bracket of 20-29. Many of which have just started their first job after graduating from college. Most are highly paid and desire the hassle-free living of apartment life.
The flexibility of renting in the city as well as the convenience it offers continues to attract large numbers of apartment dwellers and drives apartment demand. Most choose to rent for the lifestyle and not economic reasons.
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DAN THE ROOMMATE MAN
www.roommateexpress.com