What Rental Real Estate, The Jeffersons, and Pie Have in Common
The Jeffersons were truly ahead of their time when they finally got a piece of that pie and moved on up to that deluxe apartment in the sky. While the show was considered revolutionary during the time that it aired between 1975 and 1985 for a number of reasons, the idea of renting the best luxury apartments is no longer considered such. In fact, it’s sought after, so much so that developers and property management companies are racing to erect modern and beautiful apartment buildings in order to stay on top of consumer demand.
So what has changed between between the Jeffersons’ era and today? The Great Recession. Owning a home was considered the pinnacle of the American dream and sign of “having made it” life. That was until the Recession hit. During the Great Recession between 2007 and 2009, the American economy as a whole, as well as the job and housing markets suffered devastating blows which resulted in nationwide lay offs and foreclosures.
Though Americans were forced to change career paths and downsize from their homes, all wasn’t lost. Many Americans used this as an opportunity to reinvent themselves as well as redefine what the American dream, as well as success, means to them.
As such, it came as no surprise that lofts and apartments for rent were in high demand. Now, nearly seven years post-Recession, many Americans, especially those living in metropolitan areas, would rather rent a loft than be tied down to the longevity and expense of a mortgage.
However, don’t let the word ‘luxury’ throw you off. Many luxury apartment rentals are actually quite affordable and cost on average than owning a home. Unlike homeowners, tenants living in the best luxury apartments enjoy the convenience of a monthly rent that includes several services and amenities, including repairs. On the other hand, homeowners must pay for any repairs or improvements directly out of their pockets.
So perhaps it’s time for you to move on up and get your piece of the pie in a new luxury apartment.