How luxury apartments became basic

"Tay Ladd watched " The Gilded Age," so she gets the old money vs. new money divide. The debate might be as old as New York. The TV show's characters covet storied old townhouses, while contemporary buildings are considered gauche. Ladd knows what side she's on. She prefers a newer "luxury" apartment building filled with communal amenities, like fitness classes or spas, that classic pre-war apartment buildings almost never have."

"It's a dynamic that's playing out across New York City and the rest of the country. For years, glassy high-rises chock full of amenities seemed to be the territory of influencers and the ultra-wealthy. Now, developers of a deluge of newly built luxury buildings are clamoring to get you in the door, while some older homes with few amenities in more historic neighborhoods are becoming something of a status symbol."

A boom in apartment construction produced a record 518,000 new apartments completed in 2024. New luxury developments emphasize communal amenities such as fitness classes and spas that many pre-war buildings lack. Newly built housing is experiencing slower rent growth than long-dominant pre-war apartments, which continue to command higher rents because of prestige and history. Developers are aggressively marketing and filling a deluge of newly built luxury units. In many cities, older homes with fewer amenities are increasingly treated as status symbols, while younger renters often favor amenity-rich new buildings for convenience and value.

Read at Business Insider