There were a lot of changes in 2020. Many people had to change jobs, we began to teach our kids at home, and we learned how to work from home. As our lives changed and the country had to make adjustments for a new normal, apartment rental has become more popular than ever.
The current home market is what they call a “hot market”. This means that there are very few homes for sale, and all of them are prices well above value. In short, those looking to buy a home right now are faced with very few options all at very high prices – not much home for a whole lot of cash. The competitive market makes it difficult to even make an offer on a home without a significant down payment, and what you purchase is likely to drop in value in the future. Apartment rent has stayed stable, however, and the value you get for your lease payment is more realistic for what you can expect to enjoy.
Even the process of shopping for an apartment has become very popular in the era of COVID. Many apartment tours are done virtually, a task that is relatively easy to accomplish in an apartment community versus a traditional home. The ease of touring an apartment on your time without the need to contact a leasing agent and set an appointment is especially helpful for busy working parents who have to balance work with homeschooling. In order to stay safe, some agents are even allowing potential residents to physically tour an apartment to see the space.
While the housing market continues to dwindle, leaving a surprisingly small number of homes available for sale and all at astronomical prices, renting has stayed relatively consistent. Some rents are even protected federally. There are still lots of luxury apartments on the market at reasonable lease prices even though the general real estate market is markedly different.
As some cities empty and residents look for homes away from urban areas, there is an increasing realization that individual homes have not been properly prepared for people to work at home. With high-speed internet becoming more important than ever, apartment living has become an answer to the juggling of Zoom meetings, online education, and internet retail. Not only do most apartments include high-speed internet, but they also maintain these services for you, saving you the long and frustrating calls with IT.
Renting an apartment home has always been advantageous (see our article “Five Reasons to Love Apartment Living” to learn more). As new concerns face our country and the world, this may be the best time to enjoy all the conveniences of an apartment home.