As a new apartment home community, Arcadia Run knows how important it is for our residents to have the best experience possible while living here! This is why we have brand new community amenities and luxury apartment features to fit the growing needs of apartment renters. Take a look below at what we concluded to be the top features that renters adore!
When most think of ways to stir the economy, their minds don’t always jump straight to the apartment industry. However, renting your space has a hugely positive influence on the economy, improving everything from spending to employment. And best of all, renting is a more viable option for many, meaning everyone can contribute just by choosing to rent.
Last year, The National Multifamily Housing Council (NMHC) worked with the National Apartment Association (NAA) to compile data and research on the performance of the apartment industry in 2011. Much of this research was gathered by Stephen S. Fuller, Ph. D., a professor at George Mason University, neighbors to Arcadia Run. This report was one of the first of its kind and fully detailed the industry as a whole and its impact on a national level.
The report concluded that in 2011, the “apartment industry and its 35 million residents generated an economic contribution of $1.1 trillion to the national economy and supported 25.4 million jobs.” Best of all, these overwhelming numbers are only set to grow as the industry grows, strengthening its effect on the economy.
A new interactive campaign coordinated by WeAreApartments.org goes into further detail about how individual markets contribute to the overall economy. In Virginia, home to Arcadia Run, there are nearly 920,000 residents living in 493,200 apartments. These residents and their apartments support over 750,000 jobs and contribute $31.6 billion to the state’s economy.
So yes, renters do carry their share when contributing to economic recovery. And it’s quite a significant share if you ask us! For many, renting just makes sense, and with Arcadia Run, there’s no better choice than one of our luxury apartments!
The available apartments at Arcadia Run are everything you’d expect to find in an upscale, newly built multifamily community. Each unit is spacious with tall ceilings and extended windows – some even feature walk-in closets. All apartments come standard with new carpeting, granite kitchen countertops and designer cabinets, things that may be considered ‘extra’ in other apartment developments. And, available in various floor plans with either one or two bedrooms, these apartments are ideal for a fresh start.
But it’s not only the apartments that draw families to Arcadia Run. The amenities and community culture help to make Arcadia Run one of the most extensive and well-rounded developments in Manassas. This year, we will be building a resort-style swimming pool, brand new fitness center, ball courts and playground all for residents to enjoy. Family events, like fall festivals and holiday parties, as well as activities going on in Manassas, allow residents to mingle with their neighbors and create lasting friendships. Having all of this and contributing to the improving economy in a big way – does it get any better than Arcadia Run?
We’re excited to share some great news for the apartment industry, courtesy of information from the National Association of Home Builders (NAHB)! According to panelists at the NAHB’s recent International Builders’ Show in Las Vegas, demand for apartments is expected to continue to increase over the next few years, strengthening an industry that has already been performing well in recent years. At Arcadia Run, we’re very happy to be a part of this incredible industry, and are proud to provide our residents with more features and finishes than they’d ever expect in such a spectacular location.
The multifamily housing market – which includes apartments and condominiums – has made significant improvements since 2009, when there were 82,000 multifamily housing starts. In 2013, that number jumped to an impressive 340,000 multifamily housing starts. The strength in the market is only expected to increase, with 363,000 multifamily housing starts being predicted for 2015.
According to Chief Economist at NAHB, David Crowe, theses impressive numbers come from three main sources:
· The “echo-boom” generation – also known as millennials or generation Y – continues to increase in size and fuel the demand for apartments. Since this demographic will increase in the next few years, even more demand can be expected. Additionally, pent-up demand from this generation, who will be moving out of mom and dad’s house over the next few years, is expected to increase the need for more apartments.
· Young adults continue to prefer renting to homeownership, a trend that’s increased since 2004 and is predicted to continue. Issues such as tight underwriting standards for mortgages, lower entry salaries and lower credit scores have led more young adults – as well as some older adults – to continue to prefer renting to owning a home.
· Though the apartment rental industry has been performing strongly for the past several years, it was affected by the housing collapse and production of multifamily housing decreased significantly. When the apartment industry began to pick up speed in 2011, the increased performance was partly due to the market getting back to the normal flow.
Additional good news from the NAHB and the Census Bureau concerning the apartment industry is that rental vacancy was at a 12-year low in the fourth quarter of 2013, when the most recent data was available. NAHB points out that this tightening rental market reflects an improving economy, highlighting the importance of the apartment industry in not only the housing market but the overall economy as well.
Low rental vacancy rates and a continuing strong demand for multifamily housing are both excellent indicators of a healthy apartment industry, and at Arcadia Run, we certainly appreciate the benefits of being a part of this market. We look forward to being able to help sustain this projected increased in demand for apartment hunters in the Washington, D.C. metro region, which continues to be desirable area in which to live.
At Arcadia Run, we don’t just give our residents a place to rent, however – we offer exceptionally finished apartments, with nine-foot ceilings, extended windows and expansive kitchens with granite countertops, in an incredible location in Manassas, Virginia. And there’s even more to look forward to this year at Arcadia Run with the planned completion of amenities such as a swimming pool and fitness center in our community. Not only are we thrilled about the outlook for the apartment industry, but we are also thrilled for the future of Arcadia Run – and we can’t to show you what’s in store!
SOURCE: National Association of Home Builders, Business Insider
While the apartment industry felt the effects of the housing crisis, the repercussions were much less severe than other industry sectors. In fact, the industry as a whole benefitted in more ways than one, and emerged from the recession with strong prospects. Most remarkably, the growth is in part to the certain demographics that drive the industry and their continued contributions to the market.
So who are these groups of people, and why will they choose to rent their space in 2014?
Not surprisingly, many baby boomers are opting to rent their spaces instead of owning them. Many have decided they want a more secure housing alternative that comes with more features, like community amenities and luxury appliances. Additionally, many are looking to rent apartments because they wish to waive repair and maintenance efforts. When renting an apartment, any repair or maintenance costs typically fall on the landlord, allowing tenants to enjoy their apartment while saving money.
Parents & Families
A tenant trend that’s been extremely prevalent this past year has been an increase in parents with children. It’s easy to see why this could be true in Arcadia Run – our community includes everything a growing family might want or need. With a planned pool, clubhouse and playgrounds, Arcadia Run is every busy parent’s dream. And, with events like our recent Holiday Party, families can connect with their neighbors and create lasting friendships.
Better yet, Manassas is a great town to raise a family. The charming historic district offers so much for residents including seasonal festivals, countless museums, and a thriving downtown scene with family-friendly restaurants.
Young professionals who are renting their space are seeking to maintain their mobility, and will continue to do so in 2014. Many renters may have the ability to find a leasing option that works best for them, giving them more freedom when choosing a space. With Manassas being the home to major corporations, living and working in this great town is more attainable than ever!
No matter the demographic you fall into, Arcadia Run is one of the best luxury apartment communities in the Manassas area. Our brand-new apartments are available in different floor plans and pricing to match your needs. The included community amenities are some of the best in market and truly seal the deal on this amazing development. This new year brings promise to the apartment industry and we’re excited to welcome new guests to our Arcadia Run community!
According to IBISWorld, apartment construction in the United States has experienced one of the fastest recoveries within all residential construction industries. Economists are pointing to a decrease in vacancy rates and reasonable rent prices to have contributed to the growth in the multifamily sector.
Industry revenue is expected to have grown at an average rate of 6.9 percent through 2013. Looking forward to 2018, this pace may slow slightly, but still remain on track for a healthy recovery. “Industry revenue is anticipated to increase during this period,” says IBISWorld Industry Analyst Omar Khedr. “Continued migration of the US population toward metropolitan areas will still generate strong demand for industry services.”
The apartment industry seems to benefit from all types of fluctuations in the housing market. When the housing crisis was at its peak just a few years ago, more people chose to rent to avoid the downfalls of homeownership. Now that the overall economy is doing better and improving by the day, the apartment market is also benefitting from a stronger economy!
Arcadia Run is a wonderful example of the growth in the industry, as well as the types of apartment communities that people want to live in. Extensive amenities and an ideal location are only a fraction of the many great things that make Arcadia Run amazing. Our apartments define luxury with 9-foot ceilings, extended windows, new granite countertops, and vinyl flooring. You might not find these features and finishes in any other apartment complex!
But Arcadia Run provides more than luxury apartments – it provides a community, something not typical with new developments. Arcadia Run residents gather together for events like the Fall Festival and the recent Winter Holiday Party. With the future completion of the clubhouse, fitness center and swimming pool, residents will have even more fun activities and events to partake in.
As the economy improves, and the effects are felt throughout the apartment industry, 2014 is a great year to rent a luxury apartment in Arcadia Run!
The National Association of Home Builders (NAHB) recently released their Multifamily Production Index (MPI) results for the third quarter of 2013. Using three key elements, the MPI measures builder and developer confidence levels and outlook on current market conditions for apartments and condominiums.
Like other NAHB indices, any reading above 50 suggests a positive sentiment. In the case of MPI in the third quarter, the level was reported at 54. This is the seventh consecutive quarter to produce a positive reading. The three elements contributing to this new level are: the building of low-rent units, the building of market-rate rental units, and the building of for-sale units. Despite variations within these sections from quarter to quarter, the overall outlook remains positive.
W. Dean Henry, CEO of Legacy Partners Residential, a leading real estate investment management firm, agrees that the apartment industry is on the upswing. Henry says, “there are challenges still facing the industry … but the demand for apartments and condos is strong enough for developers to proceed in most markets.”
On top of the positive MPI sentiment, the apartment industry also boasts an improving Multifamily Vacancy Index result. For this index, a lower reading indicates lower vacancies, ultimately a good sign for the multifamily sector. In the third quarter, the level fell two points to 40. And, since 2010, the MVI has been steadily improving and stabilizing at healthy numbers.
Here at Arcadia Run, we’re always excited to see growth in the apartment and multifamily sector! Our newly built apartments are some of the best in the Manassas area and are an excellent example of positive production in the industry. Even better, our apartments define luxury: With features like tall ceilings, vinyl flooring, granite countertops, new carpet and extended windows, these new units could fill up quickly!
And, best of all, Arcadia Run goes above and beyond to provide more than what other apartment communities offer. Here, renters have access to amenities not typically available when renting an apartment. In the next year alone, we’ll be adding a clubhouse, a swimming pool, ball courts, and a jogging trail to our complex! Finally, an apartment community that can keep up with your active lifestyle!
Good news released late last month by the National Association of Home Builders (NAHB) improves the outlook on multifamily housing. The NAHB published their Multifamily Production Index (MPI) for the second quarter of 2013. The index shows a nine-point increase to 61, which is the highest reading since the inception of the index in 2003.
Multifamily housing refers to apartments and condominiums. The index measures builder and developer responses about current market conditions – rating on a scale from 0 to 100. Any reading above 50 shows that more professionals report conditions are improving rather than getting worse. The index is measured using three key elements: construction of low-rent units, “for-sale” units, and market-rate rental units.
In the second quarter, all components saw a welcomed increase. Market-rate rental properties rose six points to 67. This is the 11th straight quarter where this number was above 50. Low-rent units also increased five points to 60 and for-sale units saw an incredible 16-point jump.
W. Dean Henry of Legacy Partners Residential and chairman of NAHB’s Multifamily Leadership Board says, “Multifamily developer confidence is currently at an all-time high … we expect to see that continue for the foreseeable future. Much of the consumer demand that we are now seeing is coming from a large generation of young people who are able to find jobs and establish their own households as the economy continues to improve.”
With every aspect of the MPI improving, we’ll see a much-needed boost in the apartment industry. The Chief Economist of NAHB, David Crowe, notes that the expanding production is necessary to keep up with the demand and to catch up with new unit production that was lost during the housing downturn. We’re definitely moving in the right direction!
Arcadia Run is a prime example of positive apartment production. Our apartments are the nicest in the Manassas area and offer the perfect living alternative for those who don’t want to buy a house. Not to mention, our spaces provide the best features available while still being affordable. With more people choosing to rent, the demand for Arcadia Run apartments will grow, and their availability will soon be limited – so don’t hesitate! As the economy and apartment industry improve, there is no better time to rent with Arcadia Run.