Is Living in a Luxury Apartment Worth the Cost?

Roughly 34% of Americans rent their properties, and in 22 major US cities renters are now representing the majority of the population. In just a decade, the total number of renters has increased by more than 23 million. Meanwhile, the number of homeowners in that same decade only increased by about 700,000.

Owning a home is often synonymous with the definition of the “American Dream”, but unfortunately for those living in large cities, this dream is becoming impossible. As the population grows and cities become larger, renting an apartment is quickly becoming the only option for many people.

Although an apartment isn’t a house, it can certainly feel like home. Luxury apartment complexes are spacious and fitted with modern features and updated appliances. Increasingly lavish amenities are offered to attract tenants. Most are pet-friendly and some also include specific dog parks and dog spas on the property.

Although the price for living in these complexes are higher than the average apartment, amenities like a health and fitness center, pool and steam rooms, tennis courts, and game rooms are all included in the price. Some even provide scheduled events like dinner and dancing, and movie nights.

However, on top of all these high-quality features, the community aspect of these apartment complexes is arguably the best part. Social interaction is incredibly important to the health and happiness of humans. Since there are a lot of other people in the complex, there are more opportunities for valuable social interaction which can make a very positive impact on one’s mental health.

It’s important to feel a commonality with those living around you. Especially with the scheduled events that many complexes offer, the chances of meeting like-minded people are even higher, and these individuals could live right down the hall! A strong sense of community allows people to feel safer and more comfortable with their living situation, which reduces stress and encourages positive habits. Life can be chaotic, but a close community provides support to those experiencing struggles and hardships.

So, is living in a luxury apartment worth the cost? According to Yardi Matrix, a business that analyses current market conditions and reports on properties across the United States, the national average cost of rent for a luxury apartment is around $1,650 a month. That is roughly $490 more than an average apartment, but this whopping price includes so many extra amenities, as well as safety, security, attention, and support.

Because tenants are paying a significant amount per month, luxury apartment owners tend to be much more attentive to residents’ needs. Maintenance is faster when something goes wrong, and there are 24-hour emergency numbers that can be called if a problem with the facility arises. The added opportunities for exercise and engagement also allow for reduced stress and higher levels of happiness.

While these luxury apartment complexes are more expensive than the average apartment building, being mentally and physically healthy is priceless.