“Those who chose to live in these apartment communities do so not because they cannot afford to own a home, but because they are looking to take advantage of the urban lifestyle and luxury amenities provided,” said Brian Kearney, Gray Development COO.
Scottsdale, AZ (PRWEB) August 27, 2012
Recently several new apartment communities have been approved for downtown and north Scottsdale including: Blue Sky, the apartments at SkySong, Mark-Taylor and Maravilla to name a few.
With the influx of rental properties, Scottsdale has been a-buzz with talk about who will be drawn to these residences and how the city may change as a result. So, let’s take a look at the targeted demographics for these communities.
Today’s renters are a highly educated, technologically savvy, family and friend centric group. A significant share of the renters in Scottsdale will be young adults ranging to approximately 35 years old.
According to USA Today and Cone, Inc., the “Generation Y” population is the most civic-minded group to date with 61 percent of people in this age group reporting they feel personally responsible for making a difference in the world. The volunteer rate for this group is above 80 percent, a rate we haven’t seen since the 1940’s. More than 50 percent of this population chooses to rent, and more than 40 percent expect to rent for at least three years. Data also suggests that “Gen Y’ers” spend more on luxury items than any other age cohort.
Based on this data, it’s not surprising the Scottsdale area is in high demand. Those choosing to live in Scottsdale do so to take advantage of its beauty, the urban atmosphere and close - within walking distance - access to upscale restaurants, shops and nightlife. People living here, whether in a single-family home or an apartment, have a deep commitment to maintaining the integrity of their city and lifestyle they enjoy.
With rent at these locations among the highest in the state – the new luxury developments will attract the upwardly mobile, high-end residents ideal for the Scottsdale scene.
“Our Blue Sky project will have an average monthly rent of $2,000 a month,” said Brian Kearney, Gray Development COO. “Those who chose to live in these apartment communities do so not because they cannot afford to own a home, but because they are looking to take advantage of the urban lifestyle and luxury amenities provided.”
So while homeownership may not be the dream of every member of the Y generation, or new Scottsdale resident, being an active and contributing member of the community is certainly still what the future has in store.