People also ask
Why don’t developers build more luxury apartments?
Since developers can only build efficient multi-family housing in a few spots, they have to make their profit by building luxury units. That’s the whole point of the car analogy in the article.
Are luxury developments the new way to rent out your home?
It’s not any old apartment building going in, either, but luxury developments geared to entice renters with more amenities, higher-end retail options and a lifestyle that could even tempt existing homeowners.
How many luxury apartment communities are being built in the US?
In fact, apartment developers in the 150 largest US cities delivered 395,775 new housing units last year, which marks a 46% increase Y-o-Y. Of these new housing units, nearly 75-80% of them are considered luxury communities. While living in Boston over the past few years, I have witnessed many major developments being built at a breakneck speed.
Is the luxury housing market overbuilt?
The article surmises that the upper end of the luxury market is overbuilt and susceptible to a flattening or a market correction. In fact, apartment developers in the 150 largest US cities delivered 395,775 new housing units last year, which marks a 46% increase Y-o-Y.