Why So Many Luxury Apartments Are Popping Up In The U.S.

Another big issue is the word LUXURY has been redefined and dumb down over the past few decades. You have regular standard apartments and homes in my city that they call luxury now as an excuse to raise prices. How can your apartments be considered luxury with no security on site, no gate and no workout center smh.

I am over it. I don't need a dog spa and a saltwater pool, I need to be able to buy groceries and pay rent in the same week!

I say this almost every day - I don't want a "luxury" apartment. Just a basic apartment to meet basic needs. But everything is labeled "luxury" and priced accordingly!

Have known a couple of friends who ended up in some of these luxury apartments and they were not worth the money they were asking for. Things constantly broke in the apartment, the walls began to crack after about a year, elevators would constantly be out of service, walls and ceilings were super thin so you can hear people walking around and talking regularly and generally getting a parking pass for guests in some of these places was an absolute nightmare. It's all an illusion

just because it's a new building doesn't mean it's luxury. I've seen this in my city, new rentals are marketed as "luxury" but are just basic apartments it's just a huge scam.

And this is why a record number of people are still living with their parents despite even working full-time jobs. Many college graduates included.

It's wild to me that the first criterion they used to define luxury was access to public transportation.

Another reason it's less likely to happen that way is that, despite how everyone is freaking out and declaring the crash, there is already an excessive amount of demand waiting to absorb it. Nobody, at least not the general public, predicted this in 2008, as I'll explain below. It was indicated in the previous reply that the ownership rate peaked in 2004. We previously peaked in the second quarter of 2020, and as of right now, we are at the median level. It dropped by 3% over a 4-year period, from 2008 to 2012, and will be 65 instead of 68 in the second quarter of 2020.

I live in Atlanta Georgia, and I see these 'Luxury' apartments popping up everywhere. Of course the builders make a giant structure out of plywood before slapping on 'luxury' hardwood and granite countertops to justify the premium pricing. These developers build em cheap, and sell em steep!

I live in Washington, D.C., and I can attest to how utterly ridiculous the housing market is out here. I make over six-figures, work for the federal government and as a single guy, I can barely find affordable housing. There's either luxury housing that is $3000 a month or subsidized apartments that you cannot qualify for unless you make less than something like 40k annually. Anyone who is "technically" middle class is pretty much priced out of the market. You want to buy a house? Houses start at one million dollars for an old crappy house, it's awful.

I predict a housing crash due to people buying homes over asking price, lacking equity if prices decline further. Foreclosure becomes likely if they can't afford the house, and selling won't yield profits. With anticipated layoffs and rising living costs, many individuals may face this situation.

We have a condo in a 1972 building. It’s a tower, 11 stories so it’s concrete. One reason we purchased it was because the apartments are really quiet. Since it’s old the maintenance fees are high by comparison to other condos in the city but our HOA stays on top of maintenance. Most units have been renovated and they are huge, plus the grounds are beautiful with big trees and gardens. It’s in an urban/suburban neighborhood, not in the downtown area but within a few miles. It’s definitely not considered luxury but it sure feels luxurious to me and at about 50% of the cost of the new “luxury” apartments.

As so many others have already noted- “luxury “ often means things look nice but are actually pretty shabby. I should not be able to hear my neighbors talking with their inside voices.

This is just another excuse for them to charge more for rent. We don’t need luxury Apt. we just need proper affordable housing

I am so fortunate that I made productive decisions about my finances that changed my life forever. I am a single mum living in Melbourne Australia who bought my second home in January and is hoping to retire next year at 50 if things continue to go smoothly for me

"Luxury apartments mean exorbitant rents. Pets peeing in the hallways, loud music at all hours, marijuana wafting through the air ducts, appliances not working, cars being side-swiped in the parking garages, packages being swiped. Doesn't sound like luxury to me.

the problem of these so called luxury apartments is they look cheap and probably won't last long before starting to degrade

I too lived in a luxury apartment that that had thin walls. My roommate had a leak in her ceiling that ruined her bed, a year later the other side of the building sunk into the ground from water damage to the foundation ❤

I think they developers and investors had a time table in mind, how many years before demolition is necessary and how much profit can be had from leasing. The new “luxury” apartments are not built to last, just last Ling enough to get money’s worth.

I've always been a renter here in Chicago. My ex and I used to lived in a luxury apartment. It was nice cause of the amenities it offered. But we moved out after a year. The elevator was constantly out of service, mind you we were in the 4th floor, garbage weren't collected timely so you could really smell it whenever you go to the garage, there were always problem with the hvac unit, and at one point we had no water cause the management didn't paid the water bill ☠️. The word luxury is just an appeal to renters but sometimes it really wasn't luxury. I'm still a renter. As long as it's got a hardwood floor, in unit washer/dryer, and of course dog friendly cause of my fur baby, it's all good. My current apartment has those with the addition of dishwasher, a lovely stone balcony, central heat and AC, my commute to work is a breeze since I'm only half a block to train station that takes me directly at my office, and a great rental management. I've been here since 2020 and the property manager hasn't raised my rent since then.