With all of the new rental apartment construction taking place in Midtown and other parts of metro Atlanta, it should not be a surprise that most of them are considered 'luxury' properties.
A new report by RentCafe confirms that notion, not only for Atlanta, but for most of the nation, where a national trend indicates that new apartments constructed in 2017 are considered "luxury properties."
According to the study, about 90 percent of the new apartment construction for last year in metro Atlanta falls into this category, which is actually a bit above the national average of 79 percent. The study indicates that 2018 may be an even bigger year, with about 87 percent of all large-scale apartment buildings constructed during the first half of the year falling into the "high-end" category.
To qualify as "luxury" properties, an apartment complex or building will include newer, upscale appliances in the kitchen with updated and upscale materials like stainless steel, granite and/or marble very prevalent throughout the space. Larger, walk-in closet spaces are the norm, as are sitting areas in the master suites in many cases. A modern washer and dryer are also generally included in the luxury apartments as a matter of course.
READ | Atlanta tries to offset Westside's booming real estate market with affordable housing for renters
Luxury apartment facilities usually have a pool and a fitness center, though access to both amenities may vary from facility to facility. While it may cost a bit more to live in a building with an on-site fitness center, most residents will happily pay that premium to avoid a gym membership.
Secure entry to the complex is considered a must in a luxury property, whether that means a gated apartment community or a building with secured access using a key fob or carded access. Some luxury apartment buildings have a doorman and some properties may provide concierge service for their residents.
Interior features include upgraded bathroom fixtures along with crown molding and vaulted ceilings throughout the apartment space. Other items, including door hardware and lighting fixtures are nicer in luxury spaces. Many of them will have hardwood floors, also.
And while Atlanta area renters may feel out of sorts with 90 percent of the new apartments falling into the luxury category, folks here can rest easy that they are not looking for a new apartment in St. Louis or Las Vegas -- where the RentCafe report shows that 100 percent of new apartment construction last year is considered to be in the "luxury" category.
The news comes as protesters rally to convince the city not to go forward with the $1.75 billion proposal to develop an area called "The Gulch" in Downtown. Of chief concern: The huge proposed tax break for a private developer, and what the project will do for affordable housing.
The development would include plans for 30 percent of the housing built to be affordable. Critics of the plan, however, aren't convinced that number is enough, especially for the price tag.
