Renting has become so popular that it’s hard to believe that at one time in American history, it was frowned down upon. Renting lofts and apartments was considered sub par in comparison to owning a home — especially in the suburbs — which was considered a sign of having “made it” or being successful. In fact, home ownership was one of the major aspects of the clandestine American dream. Needless to say, both the times and attitudes towards home ownership have changed, and for the better.
Much of the shift in attitude towards luxury apartment rentals and even lofts for rent in the suburbs can be traced back to the Great Recession of the mid-2000s. The Recession resulted in a nation wide lay offs and home foreclosures that left the economy, job, and real estate markets reeling. Many Americans simply could not afford their mortgage, and home values began to plummet. As a result, renting a loft apartment or any kind of apartment became a viable option.
Fast forward to today, and there are many reasons why people choose to rent a loft apartment or and kind of apartment for that matter. Simply put, renting makes sense — an cents, get it? — in many situations. For example, researchers estimate that almost 20 percent of house buyers would have saved money by renting, while another report conducted by Harvard University revealed that in many places, at many times, and for many holding periods over the course of the past 15 years, renting made better financial sense than owning a home. How do you like ‘dem apples?
Aside from cost, there are several other benefits to renting, including a variety of world-class amenities included in the cost of rent. Where else can you find a state of the art fitness center, day care, roof top gardens, and round the clock security all for an affordable price?
