Why tenants have fallen in love with vertical living?

DDproperty Editorial Team
Why tenants have fallen in love with vertical living?
Vertical living is a term coined to define high rise residences. Popular in South East Asia as they pack as many units into a given parcel of land. Ideal for densely populated parts of the city where land is at a premium.
Look to any buzzing corner of the region such as Singapore, Bangkok, Hong Kong or Kuala Lumpur and this type of accommodation dominates and shapes the skyline.
The rise of vertical living is in part due to increasing land prices combined with a shortage of land. Developers have little choice other than to build upwards for the sake of profitability. This pattern has only gotten off the ground in fairly recent years in London. Tight planning controls and the preservation of older buildings dictate what can and cannot be built in a given location including its height.
However, high-rise living is also much liked by tenants, making this type of property the ideal buy-to-let investment. The demand for condominiums is good news for those landlords wanting to generate an income and healthy rental yield from their property. But what is it exactly that tenants favour this type of accommodation over alternatives such as a house?
Many renters may wish to live alone, therefore a house will simply be too big for them. Smaller units are available, either studios or one-bedroom, of varying budgets to meet the needs of a wide net of tenants. Condominiums also prize themselves as being situated in prime locations.
This convenience is a very big draw for tenants as they often choose to rent for ease wanting to embrace city life and minimise commuting times for work and play. Renters also do not want the responsibility that comes with owning a property and so vertical living fits the bill easily.
The design and management of a condominium are easy to maintain: you can just lock up and leave. Tenants do not need to worry about looking after a garden and likewise, the communal areas are cared for by the building through the common area fee.
The facilities alone are the final string to their bow with many tenants choosing a particular building thanks to these alone. Not only do they provide a range of leisure activities for tenants through swimming pools, fitness centers, gardens, and social spaces, but they also create a community feel.
Hence many families opt to live in condominiums for this reason alone as their children have an immediate circle of friends which may not be possible with life in a house.
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