Bozzuto's chief administrative officer, Julie Smith, breaks down the recent vogue for upscale rentals.
According to Julie Smith, renters are drawn to ultra-luxe amenities, such as the roof deck at Cathedral Commons.
Many affluent Washingtonians are choosing to rent rather than buy.
As a society, we are embracing this new sharing economy, where we are able to use bikes, cars, and homes for [only] as long as we need them. Renting affords the utmost flexibility. And residents enjoy living in a lock-and-go environment, complete with folks on hand to keep an eye on things while they are traveling or out.
What demo is driving this trend?
Millennials and baby boomers have discovered the benefits of renting, and job growth in the region has been higher than anticipated. Renters are creatures of convenience. They are busy people on the move, and owning their own time is a priority. Maintenance-free living is a treat and a welcome change.
How do properties stay competitive?
The quality of both the architectural and interior design is a differentiator. We are seeing original works of art in many of these buildings, procured to support the overall vision of the building. Amenities are as important as the dwellings themselves: large fitness centers with state-of-the-art equipment and adjacent training studios; outdoor spaces for relaxing and entertaining; pet amenities with dog runs and pet spas; and proper bike storage—Washington is a cycling town!