SOURCE: Luxe List Home
Changing Attitudes Toward Home Ownership Have Created “Renters by Choice” Seeking Apartments With High-End Amenities
BALTIMORE, MD–(Marketwire – October 21, 2010) – Luxe List Home is pleased to announce that eight Baltimore luxury apartment communities have been selected for inclusion in the prestigious 2010 Luxe List, the premier online residential resource dedicated to connecting luxury rental customers with the finest apartments in America’s best cities.
The communities now featured on www.luxelisthome.com include 39 West Lexington, The Standard, Domain Brewers Hill Apartments, Westchester at Contee Crossing, The Redwood, Spinnaker Bay at Harbor East, The Fitzgerald at UB Midtown and Palisades at Towson.
“These communities reflect the quality and style highly valued by the luxury renter,” said Chief Executive Officer David J. Doyle. “What we found intriguing about the luxury apartment market in Baltimore was the wide range of styles available for renters. On one hand, you have historic renovations of buildings such as the stately Standard Oil Building (The Standard) and the neoclassical Baltimore Gas & Electric Company (39 West Lexington.) On the other, there are all new state-of-the art properties including the hi-tech and eco-friendly Palisades with its cyber café and Wii® game room and The Fitzgerald, which plans to become the first major apartment community in Baltimore to achieve LEED certification.”
Each of these unique, amenity-rich apartment home communities underwent a rigorous inspection and was scored according to a proprietary system based on consumer preference research. Only the top 10 percent of the highest rated luxury apartments in each city are deemed eligible each year.
Luxe List Home was launched earlier this year in response to consumer demand for an independent online resource for luxury renters, who number nearly 10 million nationwide.
“Traditional on-line and print resources force luxury renters to comb through hundreds of general listings in order to identify the best apartments in each metropolitan market, whereas Luxe List provides a dedicated resource and decision engine,” Doyle said. “With the staggering decline in home values and homeownership demand, there is a growing trend of prospective residents moving out of houses who want and can afford a luxury apartment.”
“What we’re hearing from our luxury renters is a change in attitude towards homeownership. A luxury rental provides a very desirable alternative, without the risks and immobility associated with home ownership today,” said Alan M. Shafer, Chief Operating Officer of Luxe List. “People have openly expressed concern that their purchase might continue to decline in value even though it seems like a good deal today. This is resulting in a growing class of ‘renters-by-choice’ in the multifamily market.”
In the second quarter of 2010, the home ownership rate nationwide fell to 66.9 percent, the lowest since 1999, and most analysts think it will drop even further. At the same time, occupancy levels are making a comeback, particularly in high-end communities, according to a recent report by Marcus & Millichap.
“With foreclosures and job losses still high in many cities, leasing an apartment is one way to wait out the turbulence and keep your options open if your work or financial situation changes,” Shafer said.
“Whether you’re a renter by choice or default, a luxury apartment can preserve your sense of wealth and accomplishment without the burden of owning a house,” he said.
About Luxe List Home
Luxe List Home is a premier online residential resource dedicated to connecting luxury rental customers with the finest apartments in America’s best cities. Based in Los Angeles, the firm thoroughly reviews and scores preeminent luxury residences. Only the finest apartment communities in each metropolitan area are rewarded as luxury leaders and are showcased on the prestigious Luxe Lists each year. The firm’s proprietary scoring system is derived from extensive consumer research coupled with more than 15 years of luxury residential development and property management experience. The online resource will soon expand to feature luxury properties such as single-family homes, condominiums, fractional ownerships and seasonal rentals. Luxe List Home currently operates in 12 major U.S. cities (Atlanta, Chicago, Dallas, Denver, Houston, Los Angeles, Orange County, Phoenix, San Diego, San Francisco, Seattle and Washington, DC.) with a goal of increasing this coverage to 25 cities by 2011. Additional information is available at www.luxelisthome.com.