Apartment redevelopment can have many benefits for a neighborhood. Not only does the real estate developer make a profit, but the neighborhood profits as well.
What Is Apartment Redevelopment?
Apartment redevelopment is purchasing older apartment buildings that may be in poor shape and fixing them up. Often the apartments are completely revamped with new kitchens and modern aesthetics to appeal to the modern renter. This allows the owner to rent out the apartments for more money and gives renters a beautiful place to call home. For example, Steven Taylor LA has done much apartment redevelopment in the Los Angeles area.
Increased Availability of Housing
One advantage of apartment redevelopment is that it increases the availability of affordable housing in the area. The old, run-down apartments that were formerly there will not be the kind of housing to attract working people to the neighborhood. However, the newly redeveloped apartment buildings will allow people who work in the neighborhood to live close to where they work.
More Businesses Move In
As more people move into a neighborhood due to the availability of suitable housing for their needs, other businesses will follow. The people who move in will need coffee shops, grocery stores, gas stations, entertainment and more. New businesses will be encouraged to move into the now bustling neighborhood.
Jobs Are Created
The apartment redevelopment itself creates jobs. The redevelopment company will need to hire construction workers, inspectors, carpenters, plumbers and electricians to work on the renovations. Usually, once redevelopment gets started in a neighborhood, more developers are attracted to projects nearby, and they all need to hire people to do the work.
Another source of jobs in the developing neighborhood will be the local businesses that have moved in. Grocery stores will need cashiers, grocery stockers and so on. The coffee shops, clothing stores, movie theaters and other businesses will all need to hire workers for these locations. And luckily, at the same time, renovated apartments are being made available for these workers to live in.
The Appearance of the Neighborhood Improves
When developers come in to redevelop old apartment buildings, they improve the appearance of the buildings. They may give the buildings a more modern facade or a new paint job. They also improve the landscaping around the buildings to attract tenants. Meanwhile, the new businesses that have moved to the neighborhood will also be making improvements to their buildings and landscaping. Before you know it, the appearance of the whole neighborhood has been transformed.
Tax Revenues Increase
The new people moving into the neighborhood and the new businesses that have moved in will increase the amount of local taxes that flow into the neighborhood. The increased money taken in will benefit the schools in the neighborhood, making the area even more attractive to parents who may be thinking of renting or buying homes in the area.
As you can see, improving apartments in a neighborhood can have a snowball effect, bringing in new residents, more money and improving the amenities and schools, which attracts more people to the area.