Pub. 1 2016 Issue 3

17 ISSUE 3 2016 䌀吀䄀䄀 吀䠀䔀䌀伀一一䔀䌀吀䤀䌀唀吀䄀倀䄀刀吀䴀䔀一吀䄀匀匀伀䌀䤀䄀吀䤀伀一  It’s important to remember that although there are still many people who rent because they cannot a ord to buy their own property, an increasing number of people are renting because they don’t nd the arguments for buying a home to be compelling ones. ey want to keep their options open about moving and they don’t want the hassles (and expense) that go with home owner- ship. By renting an upscale unit in a multifamily building, they can combine a premium lifestyle with the exibility they value. Even for those who can a ord to buy, they might not be able to a ord buying in the neighborhoods where they really want to live. It’s similar to leasing a car. You can generally lease a more expensive car than you can a ord to buy. People can sometimes a ord to rent what they cannot a ord to buy, especially in ex- pensive urban markets. Another important market segment is that portion of the pop- ulation which is scaling back. Many people between the ages of 55 and 64 are choosing to rent instead of own because they don’t want the work of taking care of their own home anymore. Living in a nice place where someone else does the yardwork, shovels the snow, and takes care of maintenance issues is very appealing to them. Convenient access to mass transit is another important trend. Many multifamily buildings that have been built recently are located near mass transit. When developers consider a site for development, access to mass transit is becoming an increasing important factor. People are interested in nding mixed-use communities where they can realistically walk around in the eve- ning or on a weekend and feel they are safe and in a welcoming place with plenty of fun, interesting things to do. Being close to mass transit also usually equates to good access to cultural, entertainment, and retail options. Having a multifamily rental that is part of a mixed-use community is a good way to guarantee that many people will be interested in renting a unit. To a certain extent, the community that develops will depend on the needs of the people who live there. It’s possible to have one place with a strong emphasis on the arts that provides plenty of studios and galleries for local artists. Another place, located in more of a downtown area, might well focus on catering to the business people who want to live and work in a place that allows them convenience, places to shop, and places to go when they aren’t working. ese are people who probably want plenty of good restaurants and the option of interesting cultural events.