Apartment living has become popular with people the world over.
With space in cities becoming ever scarcer, the popularity of apartment living is not expected to dwindle any time soon.
Australia’s apartment scene has exploded over the past few decades. The 2016 census report on apartment living notes that apartment occupancy surged by 78% from 1991 to 2016.
Why is this case, though? Below are five key factors that give apartments an edge over other types of living.
Live More Affordably
The number one factor that influences lifestyle choices today is money.
For renters, choosing to live in apartments makes much more financial sense compared to, say, living in a standalone house. For starters, all you need pay is a security deposit, rent, and service charge, but that’s it!
Borrowing rates in Australia are at their lowest, yet mortgage rates are still on the rise. This situation has made it much more difficult for people to secure funding to get properties.
The alternative is to get into a tenancy and save your money for other more immediate uses or put it into savings. Here’s where apartments offer the best financial advantage compared to other types of living.
Apartments are plenty in every major Australian city. People looking for a place to live are almost always guaranteed to find vacant apartments.
Australia ranks among the countries with the most mobile populations in the world, creating a demand for housing. The report on migration from the 2016 census report indicates that 15% of the country’s population changes address every year, and 39% every five years.
Apartment living offers the most low-hassle choice for people on the move, as the costs to secure an apartment are minimal.
Most apartments are also available on a for-rent basis. Residents won’t have to go through the process of selling their property to buy another at their new location.
The Living Is Easy
Concentrated populations are a magnet for investments in housing, infrastructure, and services.
The decision to construct schools, hospitals, malls, restaurants, and fitness centres, depends on the total population in an area. Businesses profit from the local residents, who in turn, get access to these essential amenities, enhancing their living standards.
Apartment developers are also incorporating amenities such as pools, gyms, laundry facilities, and mini grocery stores into modern apartment blocks.
Round-the-Clock Security and Maintenance
A secure environment is paramount to good living.
Most apartment complexes have management companies that contract private security companies. CCTV systems are also installed as standard to watch all corners of the property 24/7.
Security precautions make apartments among the safest homes for single women, families with children, and the elderly.
Management companies are also responsible for hiring repair technicians, gardeners, and cleaners to keep the complexes clean and in mint condition at all times. All these services are available at a fraction of the cost to residents, usually billed as service charge.
Communicate And Travel With Ease
Government authorities and service companies tend to focus on infrastructure development in populated areas. This strategy is cost effective, as many residents living in the same location share amenities.
Communication companies tend to invest in fibre-optic internet and telephone services in such areas, and transport companies also plan their stops along routes with the most people. Living in an apartment puts you within easy reach of these conveniences.
Wrapping It Up
Apartment living offers a care-free lifestyle that’s cost-effective and full of communal spirit.
It’s the ideal living arrangement for students and young adults, who’d rather not embrace mortgages, maintenance fees, taxes, and insurance. Add to this the ease of access to amenities, clean living, and the safety factor, and you’ll soon see why apartments offer the best choice for an affordable and stress-free starter or family home.