The own versus rent debate used to be a pretty heated one. Now, it’s not much of a debate anymore as renting is clearly winning. While past generation viewed renting lofts and apartments as a waste of money, later generations have discarded this notion as they redefined what the American dream means to them.
The revised American dream rejects the idea of a house in a quiet, perfectly manicured suburban neighborhood — with a white picket fence of course — and instead embraces luxury apartment rentals.
The best apartments, especially luxury apartment rentals, are in high demand. In fact, developers across the country are racing to erect beautiful apartment buildings in order to keep up with consumer demand. Often times, these large scale construction projects are used to revitalize abandoned urban areas.
For example, the city of Wilmington, Delaware is currently undergoing a massive neighborhood revitalization project in the city’s center. Developers are building hundreds of new city loft apartments designed to attract millennials in order to breathe new life into what was once a thriving downtown district.
However, Wilmington isn’t the only city taking on this project. Metropolitan and suburban areas across the United States are launching similar projects in an effort to restore old neighborhoods, and it’s easy to see why.
As is the case with Wilmington, center city apartments are appealing due to their convenient location. Tenants want to be able to work and play in the same neighborhood, meaning convenience is key. In turn, this also attracts area businesses which helps to create a thriving, diverse epicenter.
But, why are so many people choosing to rent instead of purchasing a home? Well, the Great Recession shook America to its core. Both the real estate and job markets suffered devastating blows. While both markets have shown significant signs of improvement, people are still a bit cautious and rightfully so.
