Living in an apartment used to be a privilege reserved for the wealthy. Nowadays, apartments are more affordable and accessible than ever before. According to a study by the National Multifamily Housing Council, the percentage of renters in the U.S. has increased from 31% in 1994 to 45% in 2022. Many people choose to rent because it is more affordable than buying a home. Here, we will discuss how apartments have changed in 20 years.
1. Design
The design of apartments has changed dramatically in the last 20 years. Apartments are now more spacious and include more amenities than ever before. For example, many apartments have stainless steel appliances, granite countertops, and hardwood floors. Many apartments also come with washers and dryers inside the unit, which is a significant convenience for renters.
Additionally, many buildings have rooftop decks, fitness centers, and swimming pools for residents to enjoy. The design of apartments has come a long way since the days of cramped studio apartments with no amenities. Today’s renters can choose from a wide variety of spacious and luxurious apartments.
2. Technology
Technology has also significantly impacted apartments in the last 20 years. For example, many apartments now come with smart TVs and high-speed internet. Many buildings have Wi-Fi-enabled common areas where residents can work or relax. The technology in apartments has come a long way since the days of analog televisions and no internet. Today’s renters can enjoy all the latest amenities and technologies in their apartments. Also, many buildings have security cameras and keyless entry systems, which provide extra peace of mind for renters.
3. Location
Location is another major factor in apartments over the last 20 years. In the past, most apartments were located in central areas of cities. However, as rents have increased, many people now choose to live in suburbs or outer neighborhoods. The increasing number can see this of suburban apartment complexes being built. The location of apartments has changed dramatically in the last 20 years and will likely continue to change. Research shows that more and more people choose to live in suburban apartments, so the trend is likely to continue.
4. Amenities
Amenities have been another significant factor in apartments over the last 20 years. In the past, most apartments came with very few amenities. However, as competition has increased, many landlords are now offering renters a wider variety of amenities. For example, apartments like Arte West Orange County now have swimming pools, fitness centers, and rooftop decks. Additionally, many buildings have Wi-Fi-enabled common areas and security cameras. Apartments’ amenities have changed dramatically in the last 20 years, making them more luxurious and convenient.
5. Price
Price has been another major factor in apartments over the last 20 years. In the past, apartments were costly and only accessible to the wealthy. However, as rents have increased, many people choose to live in apartments. Additionally, as technology has progressed, the cost of renting an apartment has decreased.
For example, many apartments now come with smart TVs and high-speed internet, which used to be very expensive extras. However, the price of apartments has changed dramatically in the last 20 years, thus making them more affordable for a broader range of people.
6. Rental Market
The rental market has also changed dramatically in the last 20 years. Most people rented from landlords who owned large apartment complexes in the past. However, as the cost of buying a home has increased, many people now choose to rent from smaller, independent landlords. This is because smaller landlords often have more flexibility with their rents and can offer more unique and convenient amenities.
7. Construction
The construction of apartments has also changed dramatically in the last 20 years. In the past, most apartments were built using concrete and steel. However, as technology has progressed, many landlords are now choosing to build their apartments with wood frame construction. This is because wood frame construction is much faster and cheaper than other types of construction. The construction of flats has changed dramatically in the last 20 years and is likely to continue to change.
As you can see, a lot has changed in the world of apartments over the last 20 years. These changes have had a significant impact on both renters and landlords alike. However, the trends that we are seeing today are likely to continue, so it is crucial to stay up-to-date on the latest changes in the apartment market.
