Over 80 per cent of londoners living in apartments do so because it suits their current lifestyle, according to new research on apartment living.
Research commissioned by FirstPort shows the decision to live in apartments reflects benefits such as proximity to work and social amenities. Other notable advantages were fewer worries about maintenance and looking after the property allowing residents more flexibility in their lifestyles.
The research covered apartment residents who both own and rent their accommodation, with some 19 per cent of Londoners who rent apartments saying that they had no interest in buying.
Budget, cost, and location were the most critical factors in apartment choice but managed services also played a key role in apartment satisfaction, with nearly 80 per cent positive or content with the services received. Added value services further boosted residents’ positive views, with on-site security and concierge services in particular a highly regarded extra, while most also saw their service as good value.
According to FirstPort’s research, the characteristics of flat-living most valued by the capital’s rental community were location (20%), space (19%), quiet surroundings (16%), convenience (15%), and being well-maintained (13%).
People who feel more comfortable renting than buying a property include those over 55 (54%), those who had been living in their flat for over three years (25%), those who were single (23%), and people with access to more than five property services at their development, such as maintenance, concierge services or a gym (24%).
Nigel Howell, Chief Executive of FirstPort, said: “ Having an apartment where property managers look after the day-to-day issues of maintaining a building is a valuable benefit to those who want to make more of their leisure time and enjoy greater flexibility and freedom. Indeed, an increasing number of people feel liberated by the option to live in well-managed apartments, with many choosing to live there to suit a modern lifestyle. It’s crucial that the industry keeps up with the expectations of residents, who are becoming more discerning and demanding of their accommodation and how it is maintained.”
