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!
As many experts have praised again and again, the multifamily industry performed consistently well throughout the recession. Now with the recovery in full swing, we’re seeing that this section of the market continues to prosper along with the rest of housing market! We can’t help but ask ourselves, “What’s next for the multifamily market?”
A recent article published by Multi-Housing News quells any fears that this incredible time in the apartment market is over. The article, written by renowned industry expert Michael Bull, notes that “with demand from Millennials and Echo Boomers expected to remain strong, 2014 should be another good year for the multifamily market.” And looking back on how rents and occupancy rates continued to grow throughout much of 2013, we’re excited to see the same progress this year!
But it’s not just Millennials pushing the apartment market forward; many retired professionals and grown families are seeking luxury apartments for rent as well. These spaces offer an alternative living option for those who no longer wish to be in the housing market or settle for the risks involved. In fact, there are many benefits of renting for retirees, and it’s a viable option for many.
Additionally, Brett Finkelstein, CEO of CFLane, an Atlanta-based investment and real estate management company, believes that “amenity packages are still key to attracting and retaining renters.” He adds that “tenants want a lifestyle, not just somewhere to live.” Here at Arcadia Run, we are in tune with what our renters want! In 2014, we’ll be introducing a pool, clubhouse, fitness center and much more to our community. With everything brand new, our renters know they’ll have access to the best updated equipment and facilities.
But some of Arcadia Run’s most unique features are the incredible apartments. How often do you find a truly luxurious apartment community? Or a newly built one at that? Not only are Arcadia Run apartments extremely conducive to active professionals and young families alike, but they simply offer more to the tenants. Living in an apartment at Arcadia Run is so much more than renting an apartment! It’s embracing an active and fulfilling lifestyle, surrounded by neighbors just like you. Take a look at our one- and two-bedroom apartments that are as spacious as they are luxurious. Updated appliances are included in every unit, as well as tall ceilings, extended windows, granite countertops, and designer cabinets. Get used to getting more!
Source: Multi-Housing News
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!
Deciding whether to rent or buy a home can be very challenging. Economists and industry experts everywhere are pegging this year to be one of the best to buy a home. Conversely, some of the same experts and industry leaders are advocating for the opposite – saying that it’s a prime market for renters. For many, renting just makes sense – financially and logistically. Here’s why:
They don’t want the hassle of homeownership.
Sure, the idea of homeownership may be tantalizing. Before the recession, owning a home nearly guaranteed financial security. Today, it’s considered to be a huge gamble. This stress alone is enough for many to rent instead. And, the risks of buying a home go far beyond financial strains – losing your home can mean losing everything you’ve worked for. This is the very reason why more and more people are choosing to rent. It dodges the risks of buying a home yet allows the tenant to live in a place they love, like Manassas.
They want to stay active.
Arcadia Run might very well be the most active apartment community in Northern Virginia. With amenities that can keep up with our lively residents, and a wide selection of floor plans, our complex is the only choice. And, aside from staying physically active, many choose to rent in order to maintain mobility in their career. Who knows where they’ll be in 10 years, let alone the next 30?
The apartment market is as promising as the housing market.
Many people unfairly label the apartment industry as a fleeting or non-beneficial investment. The truth is, the apartment market has mirrored the housing market almost identically. So as housing has continued its recovery over this year, so has the apartment industry. The planning, building, and renting of an apartment complex, as well as the residents’ use of local businesses, provides an unprecedented financial boost to the economy. In 2011, the apartment industry and its residents, contributed $1.1 trillion to the national economy. They also supported nearly 25.4 million jobs across the country.
While deciding to rent or to buy will always be a hot debate, one of the best places to rent in Northern Virginia is Arcadia Run. Our luxury apartments give renters the most options possible in Manassas and provide stress-free living for countless tenants. With building maintenance, resident amenities, and prime location in a Washington D.C. metro, apartment living couldn’t get any better than this!
Source: The National Multi Housing Council
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.