![]() ![]() “One thing crafters need is space,” says Lybik, adding that his wife is a crafter. ![]() Lybik recently toured a new apartment complex in Phoenix that featured a craft room with storage space and plenty of room for residents to work on their projects. Many also offer amenities that are attractive to retirees, such as swimming pools and fitness centers. Apartment complexes are often close to community centers and within walking distance of restaurants and other attractions, says Michelle Polowy, a senior content marketing associate with Zumper. ![]() “Rather than buying a new home and incurring all of that up-front cost, renting will give some mobility and flexibility to assess whether you like that area.”Īlthough you may not have lived in an apartment since you were just out of college and didn’t mind sleeping on a futon, apartment living offers many benefits for retirees. “Even the most desirable cities are going to have less-than-desirable areas,” says Nick Lyons, a certified financial planner with the Goff Financial Group in Houston. Perhaps the main reason to rent, at least initially, is that it’s a lot easier to change your mind. “There are a lot more options available for potential renters than in 20, when the market was incredibly tight.” The value of flexibility “If you’re looking for an apartment in Phoenix or Austin or Tampa, there’s a fantastic amount of new supply coming online,” he says. The median price for a two-bedroom apartment rose half a percentage point, to $1,842.Ī boom in real estate development in Sunbelt cities has led to an oversupply of rental properties and an increase in vacancies, says Jay Lybik, national director of multifamily analytics for CoStar Group, which provides data to the commercial real estate industry and is the parent company of. A recent report from Zumper, an online marketplace for renters and landlords, found that the median price for a one-bedroom apartment was flat, at $1,495 a month. However, monthly rental rates have started to moderate. The lack of affordable housing increased demand for rental properties, which pushed up the median cost of renting by nearly 30% between January 1, 2020, and August 1, 2022, according to data from Rent, which tracks listings for apartments and rental houses. The boom in housing values has also boosted rental costs. ![]()
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