Are Luxury Apartments Worth the Extra Cost?

Nearly 34% of Americans live in rental properties. In 22 major U.S. cities most of the population is made up of renters. In fact, the total number of people renting has grown in excess of 23 million in the last decade! Meanwhile, in that same time frame, the number of homeowners has increased by less than 700,000.

Owning a home is a huge part of the “American Dream.” Unfortunately for most people who live in large cities, this dream has become harder to achieve. As cities grow and their population increases, renting an apartment has become the only option available for many individuals.

An apartment may not be a house, but it can definitely feel like home! Typically, luxury apartment complexes are equipped with many modern features and updated appliances, as well as being very spacious. Increasingly lavish amenities are often offered to attract tenants. Most of these complexes are pet-friendly, and some even include dog parks and dog spas for your furry friend.

Although the price for living in these communities are higher than your typical city apartment, amenities like a health or fitness center, tennis court, pool and sauna, and game room are all included in this price! Some buildings also organize scheduled events like free dinner and dancing, and complimentary movie nights.

Above all else however, the community aspect of these luxury apartment buildings is arguably the best part. People need lots of social interaction in order to feel happy and healthy. Since there are many other residents in the complex, there are also many excellent opportunities for valuable personal interaction. This can have a very positive impact on residents’ mental health.

It’s essential to feel a commonality with the people living around you. The good news is that the likelihood of meeting like-minded people is great because of the many scheduled events that so many of these apartments offer. And these individuals could be living right down the hall!

When there is a strong sense of community, this allows people to feel even more safe and comfortable with their living situation, which can really reduce stress and encourage positive habits. Although life can be chaotic, a supportive community provides encouragement to those experiencing struggles and hardships.

So, are luxury apartments really worth the extra cost? According to Yardi Matrix, a business that reports and analyses current market conditions and properties across the United States, the countries average cost of rent for a luxury apartment complex is around $1,650 a month. That’s almost $490 more than an average American apartment, but this extraordinary price includes so many luxuries, as well as safety, added security, and extra support and attention.

Because tenants are paying a pretty significant amount per month, the apartment owners tend to be much more conscientious to residents’ needs. Maintenance will be faster to respond when something goes wrong. And most places offer 24-hour emergency hotlines for the residents to call if a problem arises within the facility. The added opportunities for social engagement and exercise also allow for reduced stress which results in greater levels of happiness.

Even though these luxury apartment communities are often more expensive than an average apartment complex, you can’t put a price on physical and mental health.