August 23rd, 2018
From Apartment Buildings to Apartment Communities
There are so many changes happening in the multifamily industry and one of them is the increase in the number of apartment homes within a complex. Before, many multifamily apartment homes consisted of an apartment building with only a handful of units. Now apartment complexes have an entire community with hundreds of units. Many apartments have started adapting the term community to describe themselves because that’s what they’ve become. Not only have the units within apartments increased but so have the shared amenities with those apartment complexes. Before, apartments would offer basic amenities like a pool and perhaps a laundry room. Now, apartments have everything from fitness centers, and dog spas, to business centers, and dog parks.
This growth in the apartment complex size has a lot to do with the growing population, and the increase in people wanting to rent rather than buy. Economically it makes sense to build more apartment homes rather than new properties. The increase in apartment homes also encourages job growth within an area and altogether drives up the value of the neighborhood. Growing apartment complexes are also accredited to the growing trend of sky rises for homes. Whether it’s the more modern look, the need for housing in with a growing population, or the great feeling of having a community, small apartment buildings are declining. These larger community apartment complexes are on the rise, and they don’t look like they’re going anywhere anytime soon.