Renting ‘Just Makes Sense’ For Many

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

Home Affordability Plunges in 2nd Quarter

More news was published from the housing market that shows yet another reason why it’s better to rent. In the second quarter of this year, home affordability plunged to shockingly low rates. In the first quarter of 2013, 73.7 percent of homes sold were considered affordable with the national median income of $64,400. In the second quarter, that rate dropped to just 69.3 percent. This is the first time since 2008 that home affordability has fallen below 70. While the percentage difference doesn’t seem too significant, it represents thousands of people who can no longer afford homes.

According to CNN Money, the fall in affordability is most likely due to “stagnant incomes, higher home prices, and climbing mortgage rates”. Even though increasing home prices mean the economy is improving, for the average person, buying a home just isn’t a smart or financially responsible move. So, what’s the better option? Renting, of course!

Arcadia Run offers a better living alternative for families and young professionals alike. Renting means that tenants can avoid the rising home prices and mortgage rates that are currently plaguing the housing market. Compared to mortgage payments, renting is much more affordable. Additionally, renters don’t need to deal with the time and hassle that’s put into maintaining a house – Arcadia Run takes care of that for you!

Our buildings are brand new and have the best features you’ll find in any apartment. Each unit has granite countertops, 9-foot ceilings, and extended windows. Residents are comfortably close to downtown historic Manassas, something that would not be feasible if they were to buy a house. There are also wonderful amenities available to all renters that include a pool (coming 2014), ball courts, a fitness center, a playground, and a jogging trail.

The renting industry is seeing a great boost this year from more and more people choosing to rent over buying a house. This has an amazing impact on the industry as a whole, bringing in more renters and revenue, and ultimately making apartment living more enjoyable. Instead of taking the many financial risks that come with buying a house, make a smarter investment and choose Arcadia Run.

The Renting Industry’s Impact on the Economy

Earlier this year, the National Multi Housing Council and the National Apartment Association published an infographic brochure that outlined the incredible impact apartments have on the economy. The numbers were shocking to many, but here at Arcadia Run, we weren’t too surprised. Apartment buildings aren’t always considered to be revenue-generating buildings, but this is just a common misconception. In fact, apartment buildings have a hugely positive impact on the health of the economy.

Apartment living has become more popular in recent years, which means more buildings are being constructed to keep up with the demands. Building just one apartment complex is a huge production. Contractors, builders, designers, and suppliers all need to be hired in order to bring a plan to life. In the past five years, the apartment industry created an average of 260,000 jobs per year and supported 662,000 jobs. Not many industries can support or create nearly this many jobs.

The construction of apartment buildings aids the economy in monetary terms as well. The apartment industry is a $2 trillion industry. Buying and planning an apartment is costly, and much of the money spent encourages economic recovery even further. After the initial building of the apartments, there will be upkeep and maintenance costs. This supports jobs and brings in revenue and taxes as well.

An increase in rental properties has transformed communities and neighborhoods. They add diversity within the residents that might not be possible when buying homes. Rental properties also add incredible value to an area and give the local economy a deserving boost. Building just 100 new apartments in your neighborhood will create 32 local jobs, $2.3 million in local revenue annually, and $400,000 in taxes and other spending. Renters are also more inclined to spend their money locally, within walking distance of their apartment, which can support local shops and stores.

So, what does this mean for you, the apartment tenant? Well it means that just by renting your apartment in Arcadia Run you will help to improve the economy. In times like today, economic recovery is always a welcomed effort. You can enjoy the diversity of your apartment community and adopt a new appreciation for apartment living.