Young and educated professionals among the USA's largest metropolitan areas are moving closer to urban, downtown living spaces. The emerging popularity of city dwellers has resulted in the transformation of old, abandoned warehouses into modern historic apartments.
In almost over 70% of nation's 51 largest cities in the past decade, the population of college-educated individuals grew twice as fast within 3 miles of the urban center as in the rest of the metropolitan area. For states like Pennsylvania, that means more Philadelphia apartments for rent, with many unique living features.
Even in city of Detroit where the population decreased by 25% since 2000, the downtown area has witnesed 2,000 young and educated residents new residents, according to a Census analysis by economic consulting firm Impresa Inc.
Cities all over the nation are realizing an influx of young talent, and many developers are taking advantage of profitable opportunities.
Reinhold Residential is one company that specializes in architecturally unique, urban apartments designed with a luxurious and contemporary approach. Reinhold renovates historic warehouse buildings into quality living atmospheres. From luxury apartments in Chicago to glamorous pads in St. Paul, MN, the company is expanding parallel to the trends of migrating city residents.
In Cleveland, Ohio, the downtown area added 1,300 college-educated people ages 25 to 34. That growth of 49% has upped the demand for places to live.
Apartments in Pittsburgh have also been of higher demand with respect to the latter trends. More and more young professionals, especially in the fields of medicine, are seeking popular living hot-spots like Shadyside apartments, which neighbor the University of Pittsburgh Medical Center Shadyside Hospital.
David Egner, president and CEO of Detroit's Hudson-Webber Foundation, claims such data hints that they city of Detroit is on headed in the right direction. Three of the city's anchor institutions — Wayne State University, Henry Ford Health System, Detroit Medical Center — recently launched a campaign called "15 by 15." The program is designed to bring 15,000 young, educated people to the Detroit's downtown area by 2015.
The campaign boasts a powerful arsenal of cash incentives, including a $25,000 forgivable loan to buy (need to stay at least five years) downtown or $3,500 on a two-year lease.
Also seeing tremendous growth are the Loft District apartments in Baltimore. These contemporary living spaces are the ideal comfort retreat for the emerging mass of young city professionals.
As these trends continue, developers like Reinhold Residential will continue to pursue unique living spaces or potential warehouses capable of apartment makeovers.
Monday, April 4, 2011
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