If you're a Baby Boomer or a Gen-Xer, when you think of apartments, you probably think of paper thin walls, cramped bathrooms, and occupants who can't afford to buy a house.
Well, think again.
New research by the site RentCafe shows that San Antonio is leading the way in construction of high end 'luxury class' apartments. In fact, nearly nine in ten apartment units constructed in the city since 2014 have been luxury class, which means spacious units, with chef's kitchens and amenities in the bathrooms and bedrooms.
While San Antonio is among the top ten in the USA for construction of luxury class' apartments, the rest of the country is catching up, with more than 85% of all new apartment buildings being constructed this year in the luxury class.
There are several reasons for this sea-change in apartments. Single family home costs are skyrocketing, due to increases in materials costs, land, and a shortage of skilled workers.
At the same time, demand is growing for high end apartments, as Boomers look to downsize and prefer the price stability of an apartment, as opposed to the threat of needing to run out and buy new appliances on a fixed income.
Also, high earning Millennials remain averse to the idea of buying a home, and many are so overburdened with student loan debt that, while they can afford a luxury apartment, they don't have the large down payments now required to by a home.
Experiences with the 2008 housing crunch while they were growing up has also convinced many Millennials that home ownership is a bad idea, and others want to remain mobile and don't like the idea of being tied down to a home and have to sell it to be able to move.
Graphic: Rent Cafe
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