Why Renting a Luxury Apartment is Smarter Than Buying



 

In the USA’s fastest-growing cities, new rental buildings feature 75 percent luxury developments, or an even higher percentage of luxury developments (based on 2015 figures). Many affluent Americans are making the decision to rent, rather than buy, because luxury rental apartment living offers a plethora of tangible financial and lifestyle benefits. Today, we’d like to share information about why luxury apartments are such a hot commodity in the USA real estate market.

Maintenance Won’t Be Your Responsibility

When you rent, versus owning, you’ll escape the high cost of luxury condo maintenance, while still being able to enjoy high-end amenities. Maintenance will be the building owner’s responsibility, so there won’t be any strata fees to worry about. If you want carefree living, and many older Americans are looking for this, renting a deluxe suite will be a practical choice.

You’ll Generally Pay Less for a Luxury Lifestyle

Statistics show that the cost of rentals is lower than the cost of purchasing comparable suites, and this isn’t just because you won’t be shelling out for maintenance fees. According to the Financial Samurai website, it’s smart to rent accommodation, because the cost of renting apartments, per year, is often much lower than the cost of buying. The draw of a luxury lifestyle without the high cost of luxury apartment purchase, explains why apartment rentals are in demand. It does make financial sense in the luxury real estate market space. To put things into perspective, you might end up paying 100k per year to rent, versus paying 125k to own.

You’ll Live in High Style

The Architectural Digest website has showcased some stunning rental apartments which offer exceptional style to tenants. For example, The Aldyn, on New York City’s Upper East Side, offers rental suites in a building which provides rock climbing and bowling, along with the ultimate in sophisticated, minimalist and modern design. Luxury apartment buildings are great places to live. They are appointed with refined elegance and create a cocoon of comfort which is hard to resist.

Every city offers luxury apartments for rent. Amenities and design elements vary from building to building. The common denominator is access to a designer lifestyle which comes with all of the bells and whistles. Since there are so many benefits to renting these types of dwellings, they fill an important need in the real estate marketplace.