This recent LA Times article provides more evidence that the economy is improving and in turn causing apartment rentals to improve. The article discusses new research showing that young adults who doubled up with their parents are getting jobs, leaving the nest, and renting apartments.
Other reasons cited for the apartment market’s strength include former foreclosed homeowners converting to rentals, potential new homeowners choosing to rent, and a movement back to the urban centers where renting is more convenient and economical.
However, the article shows that rental housing is strongly connected with the job prospects of young adults who have benefited more statistically from this recovery. It is a double edged sword. A reversal of the recovery could upend the rental market’s strength.
Check out the article on the LA Times website here.
In new mutlifamily urban housing in Los Angeles, developers are building bigger kitchens and leaving out formal dining rooms. In other words, the kitchen, dining room, and living room are morphing into one large room.
The new Archstone Apartments in Venice (Los Angeles, California), feature knockout open kitchens. The kitchen forms the center piece of one great room for living, dining, and food preparation. A breakfast bar area provides the only place in the apartment for sit down dining.
One bedroom apartments featuring this 1,000 square foot floor plan start at $4,000– a hefty price to pay for the changing layout of urban living. With the evolution of Gen Y’s preferences regarding living spaces, separate rooms for entertaining, dining, and living are no longer needed. PMI will feature these designs in their new, creative multifamily projects.
Photo courtesy of Archstone Apartments