NEW ORLEANS (WVUE) – Hundreds of new luxury apartments are being built in New Orleans and its suburbs as high insurance premiums make homeownership less attractive for some people.
“I think it’s better to rent right now, because it’s too expensive to own a home, so that’s why I’m definitely renting right now,” she says, living in a modern apartment in New Orleans’ central business district. said Avery Gray.
In neighboring Jefferson Parish, the expansive Latitude Apartments is under construction on Lake Villa Drive in Metairie near Veterans Boulevard. Q A hotel is developing a project.
“This is currently on approximately two-plus acres, which means the building area is approximately 226,000 square feet,” said Vimal Patel, CEO of Q Hotels.
More than 100 apartments will be available for rent.
“We’ll have 150 units here with a parking deck. And we’ll also have a 7,000-square-foot clubhouse. And then there’s 3,000 square feet of retail space in the corner,” Patel said.
The multi-million dollar apartment tower will have on-site parking. Mr Patel said it would be a “smart” building.
“That means everything from electronic doors to door locks to thermostats and light switches,” Patel said. “We have a dedicated mailroom locker for packages, from which you will receive smart alerts to pick up your package.”
Patel said they are building to meet the needs of modern customers.
“These are people from young millennials to Gen Z who don’t want to make a long-term commitment to buying a home,” he says. “The smallest unit is 847 (square feet) and the largest is 1,776 square feet,” he said.
The complex includes one-, two-, and three-bedroom units, as well as fully furnished corporate apartments. Rentals are scheduled to start in February or March.
“Prices will range from $1,900 and increase depending on the size of the unit,” Patel said.
He said the units are being built with hurricanes in mind.
“As you can see, there is no wooden structure. Not a single piece of wood was used. It’s all concrete and metal structure,” Patel said. “It’s built to withstand Category 4, Category 5 hurricanes.”
Nearby, the Clearview Apartments subway is being built behind Clearview Mall. There will be 270 units, including studio, one-, two-, and three-bedroom apartments.
According to the Pew Research Center, renters made up more than one-third of all U.S. households in 2021.
Louisiana’s ongoing insurance crisis has driven up real estate insurance premiums in recent years, putting homeownership out of reach for many residents.
“Yes, I do have friends who are homeowners, and they complain about how high their insurance premiums are. So I think it’s also very scary to take the plunge. ” Gray said.
Patel said he believes there is a market for luxury apartments with many amenities.
“The obligations that homeowners have, such as mortgages and insurance, are very expensive,” he says.
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