The preferences of the US renters towards multifamily living has been on a rise since the past few years. Due to the several benefits that it offers in addition to a higher attainability quotient, renters are choosing multifamily living over single-family dwellings.
Even though the choice between the two entirely depends on different preferences, one can’t deny the benefits associated with multifamily housing. Thanks to its pocket-friendly nature, multifamily living has gradually become the ideal choice for young folks.
How Multifamily Housing Is Reshaping The Real Estate?
The debate over single family and multifamily properties is a long standing one. However, one can’t overlook how multifamily housing offers exclusive benefits. The plethora of amenities, high security features, no extra stress, etc. are a few things that make multifamily housing better. Below listed are a few benefits that have led multifamily housing to grow in popularity especially in the US.
Affordable Acquisition Cost
Many people argue that the rent of multifamily housing is quite larger than the mortgage of owning a single home. However, they tend to overlook the larger picture. Buying a home comes with a number of additional expenses. From insurance, property tax, HOA fees and a lump sum for down-payment, there are a lot of expenses involved.
However, this isn’t the case with choosing multifamily housing. Renters don’t have to pay for different fees, no large utility bills, no yard maintenance and no worry about cooling or heating their large home.
Better Standard of Living
Multifamily housing enables a better quality of life. Better security and extra amenities offered by the apartment complexes ensure an improved lifestyle. In addition, living in multifamily housing saves time, effort, and money. The housing type is, luckily, a way to access the best geographic locations. Built in a well-planned location, the dwellings offer easy access to schools, grocery stores, churches, public transportation, and parks.
Low Maintenance Cost
Renting multifamily housing lets the residents dust off the maintenance burden from their shoulders. All the maintenance responsibilities are taken care of by the owner or landlord, sparing more time for family and social life. Unlike single family houses, the occupant doesn’t have to spare time for maintaining or fixing the yard or any other maintenance chores.
There is no doubt that homeowners in single family housing areas invest in strengthening their security system. However, adding a home security system or any other security measures can lead to serious expenses. On the contrary, multifamily housing options offer excellent in-built security systems.
Most of the apartment complexes invest in high grade security systems, ensuring that renters are safe and secure. What’s more, having neighbours nearby (instead of one single home in an area), always makes for an added layer of security.
For renters who wish to choose a living area that is not only low-cost but also offers a plethora of amenities, multifamily living is ideal. Renters have access to high quality design, private balconies, private patios, green spaces, walkability and other in-house amenities like work spaces and fitness rooms. Unlike single family houses, there are minimal financial obligations to have these amenities.
Sense Of Community
As already mentioned, in multifamily housings, renters have the opportunity to form close relationships with neighbours. This is not the case with single family houses that are usually separated by wide fences and yards. A sense of community also helps children in finding their playmates within the living area.
With a paradigm shift in the way US renters think and choose, Multifamily housing is the future of living. The post-pandemic era has given this rising trend a further thrust. With more and more people preferring houses that enable them to put their health, happiness and safety first, it all makes multifamily apartments a perfect option.
Homz, the first national housing company in the US, is on the mission to build wellness-centric housing for the changing US population. With over 50 communities spread across the country, Homz is laying a keen focus on convenience, connectivity, health and sustainability.