Dominion Financial’s Post

The average U.S. apartment size increased by 27 square feet from the previous year, reaching 916 square feet. More two- and three-bedroom apartments opened their doors, which drove up the nation’s average apartment size. Florida’s Jacksonville and Orlando were among the top cities with the largest sizes of new apartments, while Seattle led the locations with the smallest units. Rentals in Manhattan, NY; San Francisco; Chicago; and Los Angeles are getting roomier. For example, the average apartment size in the Windy City gained 97 square feet in the last decade.

Condos: A Community Living Experience Condos, short for condominiums, offer a unique living experience. Here, you own your individual unit but share common areas like gyms, pools, and gardens with other residents. This setup fosters a strong community vibe. Ownership Implications: You own the interior of your unit, but the exterior and common spaces are managed by a homeowners' association (HOA), which also dictates certain rules for the community. Lifestyle Considerations: Condos are often located in urban areas, providing easy access to amenities, entertainment, and public transportation. The trade-off? You might have to deal with HOA fees, close quarters, and less privacy than a single-family home. Townhouses: The Middle Ground Townhouses strike a balance between condos and detached homes, offering more privacy and space without the full maintenance of a traditional house. Ownership Implications: When you buy a townhouse, you own both the interior and the exterior of the unit, including any yard or garden that comes with it. This often includes the roof and any driveways or walkways. Lifestyle Considerations: Townhouses can offer a more traditional living experience with multiple floors, more privacy, and direct access to outdoor space. They're often found in both urban and suburban settings, providing a flexible option for many homebuyers. As you navigate this journey, remember that understanding your options is the first step towards finding your perfect home. If you're considering a condo or townhouse in BC, let's connect. I'm here to guide you through every step, ensuring you make the best choice for your future. #CondoVsTownhouse #RealEstateTips #HomeOwnership #KaranSaranRealEstate #BCRealEstate #PropertyChoices #HomeBuyingJourney #FindYourHome

Apartments are a popular choice for those entering the property market. And we’re seeing more and more first time buyers consider an apartment as their first move to allow them to live in a desirable postcode. ✅ Pros: Prime locations, less maintenance, amenities, security, affordability. ❌ Cons: Limited space, less privacy, potential lower appreciation. Know someone considering an apartment? Some helpful insights 👉 https://lnkd.in/gq2M8ku6

Size matters, at least when it comes to apartments. This is still another aspect of market research which some investors and developers still sometimes overlook. People choosing between a house or apartment (whether to buy or rent) typically have the amount of space as an important factor in their decision. Square footage is important as well. Sometimes it's what you do with that square footage that can make (or break) a deal at every level. Built-in shelf space for the landlord and a fold-out couch for the tenant are examples. Below is some helpful research on how size matters. Knowing this type of info about "your" market area could come up huge in terms of value offered and income potential. Having a market research on your team looking out for your interests could add thousands if not millions to your portfolio and income. Let's talk! https://lnkd.in/g_PJnZua #SizeMatters #size #apartment #apartments #ApartmentSize #StudioApartment #LuxuryApartment #Gainesville #Knoxville #Greensboro #Lubbock #Henderson #Louisville #RealEstate #MarketResearch #firstin

Monthly rents can be $1,800 to $7,500 on some apartments in the downtown Knoxville area. Rents are out of control and so many of these apartments classify themselves as “luxury” which is a highly overused term. The rental amounts are “luxury”, that’s for sure. You can buy a lot of house for that. #rentrestrictions #rentalmarket #knoxville #realestate #relocation #corporateservices #buydontrent #homeownership #easttn #realtyexecstn

Constructing a significant number of "luxury" apartments exerts a downward pressure on rents across all tiers, including the most affordable Class C units. This trend is currently observable: In 12 U.S. markets, rents for Class C properties are declining by at least 6% year-over-year (YoY). The link between them? Supply. Each of these markets is experiencing supply growth rates that surpass the national average. Demand isn't the issue in these locales. They are leading in absorption rates across the country, including cities such as Austin, Phoenix, Salt Lake City, Atlanta, Raleigh/Durham, and Boise, among others, all of which are introducing substantial new inventory. In essence, the increase in apartment construction fulfills its expected role by initiating a "filtering" effect, as termed by scholars. The entrance of new, high-end apartments draws wealthier tenants away from mid-tier Class B units, which, in response, lower their rents to attract Class C tenants, creating a cascading effect throughout the market. To dispel any remaining skepticism, consider this: Where is the growth of Class C rents most pronounced? In markets with scarce new development. In 18 out of the 150 largest metropolitan areas, where Class C rent growth exceeds 5%, the majority face a dearth of new apartment construction. The bulk of new projects are Class A "luxury" developments, driven by the financial viability given the high costs associated with land, labor, materials, fees, insurance, and taxes. Despite criticism against the need for more luxury apartments, the reality is different. Constructing "luxury" apartments in volume indeed lowers rents across the board. This is a message worth sharing.

Here are the top 10 features in apartments – as well as the top 10 community amenities – today’s renters say they want, based on the 2024 NMHC and Grace Hill Renter Preferences Survey Report. Understanding prospective renters’ preferences is a fundamental responsibility for property owners, developers, and managers. https://lnkd.in/gRNzNda9

🏘️🤔 Condo vs. Townhouse: Weighing the Pros and Cons! 🏡✨ If you're considering a condominium or townhouse as your next home, it's essential to understand the potential benefits and drawbacks of each option: Benefits of Condominiums: Low Maintenance: Condos often come with maintenance services, making it easier to enjoy a hassle-free lifestyle. Amenities: Many condos offer amenities like pools, gyms, and community spaces, providing an enhanced living experience. Location: Condos are often located in urban areas, offering proximity to city amenities and entertainment. Drawbacks of Condominiums: HOA Fees: Condo living may involve monthly HOA fees, which cover maintenance but add to your expenses. Limited Privacy: Shared walls and common areas may mean less privacy compared to a single-family home. Rules and Regulations: Condos often have rules and regulations that residents must follow. Benefits of Townhouses: Ownership: Townhouses typically offer ownership of both the unit and the land it sits on. Outdoor Space: Townhouses often come with private outdoor areas, perfect for gardening or relaxing. Variety: Townhouses come in various styles, from traditional to modern, providing options to suit your taste. Drawbacks of Townhouses: Maintenance Responsibility: While you own the land, you're responsible for maintenance, which can be time-consuming. Less Amenities: Townhouses may offer fewer shared amenities compared to condos. Location Variability: The location of townhouses can vary, from urban to suburban areas. If you're torn between a condo and a townhouse, our expert team can help you make the right choice based on your preferences and lifestyle. Contact us today for personalized guidance! Choosing the right property type is a significant decision. Let's ensure you make an informed choice that aligns with your homeownership goals! 🏠🤝 #CondoVsTownhouse #RealEstateChoices #HomeOwnership #ProsAndCons

Exciting news for anyone considering a move to the Windy City! I recently worked with Domu Chicago Apartments, a leading Chicago apartment search platform, to create the ultimate guide to finding your dream apartment in Chicago. This article is jam-packed with helpful information, including: - A detailed breakdown of Chicago's unique neighborhoods - Insider tips on the best locations for your budget and needs - Advice on navigating the rental application process - A comparison of rental prices across the city - And much more! Check out the complete guide here: https://lnkd.in/eePtcQrY #ChicagoApartments #MovingToChicago #WritingServices #ContentCreation

Advantages and Disadvantages of Different Home Types 🏡 Picking the Right Home Type for You 🤔 Choosing the perfect home can be challenging, but beyond the location, your home type is a crucial decision. The main classifications include single-family homes, condominiums, townhouses, and tiny homes, each with its own set of pros and cons. Single-Family Home 🏠 Advantages: - Space 🌳: Offers the most living and entertaining space. Disadvantages: - Cost 💸: Initial and ongoing expenses, including potential HOA fees. Condominiums 🏢 Advantages: - The Perfect Combination 🤝: Own living space with shared areas, maintenance-free living. - Price and Location 🌆: Affordable, desirable locations. Disadvantages: - HOA Fees 💼: Potentially expensive and controlling. Townhomes 🏘️ Advantages: - Backyard Living 🌳: Ownership of land for private space. Disadvantages: - Privacy 🤫: Close proximity and shared walls. Tiny Homes 🏡 Advantages: - Freedom 🌍: Compact size for flexibility and lower bills. - Ecofriendly 🌿: Minimal energy use, lower carbon footprint. Disadvantages: - Legalities ⚖️: Zoning laws and city regulations. - Safety 🌪️: Vulnerability to weather, additional safety costs. Different homes offer unique advantages and drawbacks. Consider your preferences carefully to make an informed decision. Regardless of your choice, homeownership is a significant investment requiring thoughtful consideration. Now, pick your home and get ready for open houses or virtual tours! 🏡✨ #HomeOwnershipChoices 🏡 #RealEstateDecisions 🤔 #SingleFamilyHomeAdvantages #CondoLiving #TownhouseLife #TinyHomeAdventures #HomeProsAndCons #PropertyInvestment #HousingOptions #SpaceVsCost #CondoConvenience #TownhomePrivacy #TinyLiving #HomeSweetHome #DreamHomeGoals #HouseHuntingTips #HomeBuyersGuide