Real estate market is rapidly witnessing the trend of going vertical in cities. With the rapid increase in the cities’ population, demand for housing units is also going to remain high. However, the cities’ expansion at their peripheries all around, means increased distances. And also the longer commute time, and fuel cost for the professionals, workers, students.
The data on multifamily buildings from Yardi Matrix, shows that high-rise buildings, are starting to claim more and more spots on urban skylines in the United States.
With demand for apartments strong across the country, combined with the scarcity and value of land sharply increasing, developers in urban areas are going vertical in their quest to providing a healthy supply of residential units. Thirty years ago, in the ’90s, the average apartment building in the U.S. had 3 floors. In the following decade the average height was around 4 stories, and this decade, with a boost in high-rise construction, the average building height rose to 6 floors.
Reasons of Going Vertical:
There are several benefits of living in an apartment instead of a house. Needless to say, some of these factors may have contributed to the evolving apartment culture:
Much like the rest of the countries in the world, the population of United States has seen immense growth. Over-populated cities usually tackle this situation by going vertical, which is exactly what cities in United States seem to be doing.
The sharp uptick in real estate prices is considered the second most important factor behind the growing apartment culture. Not to mention, living in an apartment complex is much more cost effective. You can save money on both utility bills and monthly rent.
It’s a cruel fact of life, but no one has time to personally socialize with others these days. Apart from the people you see every day at work or school, your interaction with your distant family members and friends must most likely be limited to Facebook and WhatsApp groups.
Living in an independent and detached home gives you the freedom to do pretty much whatever your heart desires without having to regularly interact with your neighbours. However, living in apartments is quite different. If you manage to form good relations with your neighbours, it would undoubtedly create a healthy environment while providing excellent networking and socializing opportunities.
Though safety is not always a guarantee as people living in apartments must have seen their fair share of security troubles. But a residential building with over a dozen of families is considerably safer than a house with four residents. Moreover, the higher the flat is in a building, the less likely it is to be broken in.
If you want to know more about features of family-friendly neighborhood, please read this article.