It is not hard to drive around a metro area and find buildings that house condominiums. Some are small and some are large, and some are new and some are old, but the bottom line is there is not a shortage of them. But is the condo lifestyle just a passing trend? In a word, doubtful.
There are a variety of reasons why I do not believe that people making the choice to live in condos is a passing fad. One can also be the cheap new launch which provides the same things but at a low cost. I will outline several of those reasons below:
The number of Baby Boomers entering retirement, or at least having their kids move out and becoming empty nesters, is going nowhere but up. And what do a lot of people do when they retire, or when their kids leave home? They downsize. Many people trade in their single-family home for something smaller. In many cases, that means a condo. Since they do not have to mow the lawn or rake the leaves, or complete a variety of other maintenance tasks, they have more time to travel and do the other things retired folks do.
A desire to be close
Young professionals are another group of people who seem to have an affinity for condos. Many young professionals work in downtown settings, and owning a condo in the immediate area means they can walk or take public transportation to work. Plus, they enjoy condos because of their proximity to sporting events, nightclubs, and restaurants. And unless there is something I am missing, there is no reason why the number of young professionals will drop in coming years.
There is a growing trend of people buying condos as second homes. Often as not, these are retired people who live in one place for part of the year, and another for another part of the year. The may spend the winter in a warm location such as Florida or Arizona, for example, and then spend the summer months in their condo.
In many urban areas, there has been a distinct rehabilitation effort. Housing is a part of this effort, and since single-family homes do not fit well in downtown areas, developers build condo buildings (or turn old buildings into condo buildings). The cheap new launch has covered it all.
There is little doubt there is more of an environmental awareness today than there has been in the past. That means people choose to live closer to work so they reduce the amount of gas they burn in their vehicles. While it is unlikely this factor is at the top of the list for most people when they buy a condo, it plays a part for many.
Be it about the people or the environment, the new ideas coming up has to be positive for both of them. So, the cheap new launch of condominiums or condos are both. It is easy to find, comfortable to live and access and affordable at the same time. Its capacity can have more people in less space, so good for the environment too.