15 West Apartments
An article written by Barbara Byrne Denham and Michael Steinberg for the National Real Estate Investor shares new trends in the Mutli-Family Housing market. There has been a boom in demand for rentals following the housing market crash and the rate of renters is up from before 2009. On national average, amenities such as parking lots and playgrounds are being left out of construction plans. According to Denham and Steinberg, this indicates that less property owners are targeting families as well as renters who rely on their own vehicles. If you've driven through downtown Vancouver, Washington in the past year then you're likely familiar with the various developing and newly constructed apartment buildings. It appears that these buildings were designed with the idea that street parking would be utilized by tenants.
Renters in downtown Vancouver will either rely on The Vine, a newly constructed public transportation system set to operate later this year, or compete with businesses for street parking during the week. Rumor has it that after 5:00 pm when our own employees leave downtown that a street parking spot surrounding these buildings is hard to find. According to Denham and Steinberg, Millennials are seeking more urban housing with access to public transportation and other amenities. The Vine will run along downtown, The Vancouver Mall, and Clark College making any apartment building in downtown a good fit for any renter. Especially those who prefer to utilize public transit.
