The Art Of Splitting Rent: How To & Useful Tips

Posted on February 6, 2023February 23, 2023 by joe

How To Split Rent

Typically, a renter’s most significant monthly expense is their rent, which is why many choose to split their rent with roommates to help offset the expense. This can be smart as it can help reduce monthly expenses by hundreds of dollars.

The tricky part is figuring out how to split costs fairly. Here are a few things to consider before making any final decisions. Keep in mind that everyone’s living situation will be a little different.

Different Methods For Splitting Rent

You can divide rent in a lot of different ways. When determining which option is ideal, consider factors such as room size, salaries, and the relationship between roommates.

1) The Even Split

The simplest solution for many situations is to divide rent equally. For example, if everyone living in the apartment is okay with some bedrooms being bigger and sharing bathrooms, it is possible to share rent this way. The best people to try this approach would be those who are already close friends and would be comfortable occupying the common areas often.

The only caveat is acknowledging that people sometimes change their minds. What may seem like a perfect solution now may need some tweaking further down the line. Check in with your roommates at least every six months to ensure everyone is still happy with the agreement and how it’s playing out.

2) Rent Calculated By Space

For those who share an apartment with people they don’t know well, deciding to split rent by the amount of space they use is a reasonable option.

Calculate all the square footage of space each renter claims as their own to determine that individual’s share. Bathrooms and bedrooms should be included in this, but not public areas like the living room and kitchen. The individual would then pay the same proportion of rent as the space they occupy. Determine this amount by dividing each person’s personal space by the total square footage of the apartment.

3) Divide By Income

Another option is to prorate the rent based on each roommate’s individual total annual income. Everyone pays what they are most able to.

To do this, add up all your incomes and then figure out what percentage each of you brings to the table. Next, multiply the total rent on the apartment by each person’s percentage. The result will be the amount each person should pay.

For example, Roommate A makes $70k, and Roommate B makes $50k. .$70k + $50k = $120k. Their total rent is $2,000. To calculate Roommate A’s share, divide their income by the total income (70k/120k). This comes out to be .583 or around 58%. Therefore, roommate A will pay .583 x 2,000, which equals $1166. Roommate B is responsible for the remaining 42%, which comes to $834.

Roommates can recalculate the amount if either experiences a change in income. This approach relies on everyone’s goodwill and appeals to their sense of fairness.

4) Use a Rent Splitting Calculator

Consider using an online rent-splitting calculator to help determine the best system for you and how each person’s rent would come out. Simply go online and search “rent splitting calculator” to find a number of simple, free online calculators.

Online rent splitting calculators can give you a straightforward way to divide rent based on the total rent, size of rooms, number of bathrooms, closet space, and other factors.

Additional Tips for Splitting Rent

Here are a few more things to take into consideration:

Maintaining Clear Communication

Discussing who should pay for what and how much each can afford can be tricky. Financial discussions, as a rule, tend to be. Nonetheless, it’s essential to have financial expectations outlined as soon as possible.

Determine who the point of contact will be for the landlord—particularly for purposes of paying rent. Confirm that everyone can afford their agreed-upon share. You should also decide among yourselves how other expenses will be covered.

It’s essential to keep open and honest lines of communication open the entire time.

Renting With a Couple

When you mix single roommates with couples, things can get a little tricky. Couples often combine their incomes and expenses, so they are, in a sense, a single entity made up of two people.

When splitting rent, it’s usually best to calculate the rent based on how much space each occupies and how the shared spaces are used. For example, if the single renter takes up less space and uses areas such as the living room or kitchen less than the couple, their rent should reflect this.

As it is recommended that roommates get together every six months to make sure everyone is okay with the rent and living situation, individuals and couples sharing a home may wish to connect with each other more often to ensure everyone is happy and satisfied.

Documenting the Agreement

Once you’ve decided how rent and other expenses will be split, it’s a good idea to write this down. Even if things start well, issues might come up later on. So you should keep a copy of your rent-splitting agreement somewhere that everyone can access, just in case.

Pooling Resources

Sharing living spaces and rent is a great way to take advantage of your collective resources and, when done right, can benefit everyone. Whether it’s simply being able to afford a place to live or living cheaply while saving for a down payment on something better, splitting rent can be a viable solution to many situations.

The trick is to do it fairly and sensibly, maintain good communication, and keep good records.

Doing so will make for a better living situation for all involved.

Now that you know how to split rent, the next thing is finding a new apartment. Be sure to browse our communities!

Posted in Socially ConsciousTagged how to split rent, tips for splitting rentLeave a Comment

Budgeting Tips For Your First Apartment

Posted on January 3, 2023January 3, 2023 by joe

Getting your first apartment is a special time. You may be moving out of a dorm or your parents’ house. You might be leaving that crowded loft you shared with five other people and were never sure who paid for what.

But taking on your first solo apartment means building a careful budget to ensure all your expenses are covered at the beginning and for the months and years that follow.

There’s a lot more to consider than rent alone. Here are some helpful tips for budgeting out your first apartment.

1) Rent

Know how much you can afford to spend on rent, as it will likely take up the highest percentage of your monthly budget. Average rent will vary depending on your location and the time of year. Winter is often the least expensive time to rent because people are less likely to move during colder months, and landlords don’t like empty units, but summer can be a good time to rent in college towns.

As you work on your budget, remember that rents across the nation have been in a considerable amount of flux due to the pandemic and changes in the housing market. Sites such as Zillow or Realtor.com keep current with data and can help you determine what average rents are in certain areas.

As for the rent itself, paying your rent on time each month is essential. It keeps things amicable with your landlord and improves your chances of being given a new lease when your current one expires or having the landlord provide you with a positive reference should you move elsewhere. Remember that most landlords will require a first and last month’s rent upfront and a security deposit.

2) Utilities

Some apartments provide some utilities as part of the rent, which might help you save money. But when you’re budgeting, expect to have to pay for electricity, heat, and gas. When you call your local utility companies to set up your connection, make sure to put the accounts in your name, so there are no delays.

To help keep costs down, look for apartments with efficient appliances, furnaces, thermostats, and light fixtures, as well as good window insulation. By doing so, you can save a good percentage on your monthly bills, and those savings will add up over the year.

For an average one or two-bedroom apartment, expect anywhere between $250 and $350 per month on electricity, heating, and air conditioning. Much of this will depend on local weather and rates.

Finally, other utilities could come into play. Check to see if there are any additional services you need to pay for. Some rentals may charge a fee for parking, trash collection, and water use.

3) Cable and Internet

While these may seem optional, it’s hard to live today without cable or Internet access. Cable services can run you between $50 and $150, depending on the type of package you get. Add-ons will cost you more, but you can often save some money initially by taking advantage of introductory offers.

If you’re going to stream all your entertainment, you can get by with just an Internet connection. Depending on where you’re located and the kind of service available, this can often be significantly cheaper than cable. Still, the costs of streaming services such as Netflix, Hulu, HBO, and Amazon Video can add up quickly.

4) Other Starting Expenses

Moving is a one-time expense but should still be part of your first apartment budget. Depending on the distance and the amount of stuff you have, you could require professional movers and a healthy supply of boxes and packing supplies. Moving into a one-bedroom apartment can run you between $400 to $1,500 to move. A long-distance relocation could be as high as $6,000.

You also need to think about furnishings.

Even if you’re relocating with furniture, you’ll likely need more sooner than later. Bed, couch, kitchen table, and dresser are essentials. Your apartment budget should include storage, extra chairs, decor, kitchen supplies, and perhaps a small office space. Relatively inexpensive furniture and household supply sources can include outlet stores, thrift stores, and assemble-it-yourself furniture, as you might find at Walmart or IKEA.

5) Non-Apartment Expenses

Setting a monthly budget for your apartment should also take into account those expenses not directly related to your apartment. These expenses can include the following:
– Medical insurance
– Cell phone
– Groceries
– Student loan payments
– Credit card payments
– Car payments, insurance, and maintenance
– Gas
– Public transportation (busses, trains, subways, etc.)

In addition, entertainment is important, so leave a little to go out once in a while to a movie, restaurant, sporting event, or something else along those lines. If you can budget it, consider a gym membership and renter’s insurance as well.

Overall Budgeting Tips

Knowing what to budget for is just the first step. But knowing how to budget is equally important. Here are some helpful tips:
– Take advantage of your bank’s mobile app to track your spending and available funds on your smartphone. Most banking apps will also allow you to send and receive transfers to and from other accounts.
– Set up a spreadsheet to track your expenses—both current and upcoming. This gives you a birds-eye view of where your money is going, and you can then adjust it to track ongoing expenses such as rent and bills.
– Use a budgeting app. These helpful little programs are explicitly designed to help individuals manage their expenses and spending. Some can even offer advice on how to make the most of one’s resources.
– Follow the 50/30/20 Rule. This means putting aside half their income for hard needs, such as rent and utilities, 30% for wants, such as social activities, and 20% towards savings.

Living Made Easy

If you have the correct budget for your first apartment, you can hit the ground running and enjoy a decent lifestyle with the confidence that you’ll be prepared for whatever the future may bring. If you need help finding a place, start browsing our communities!

Posted in Socially ConsciousTagged apartment budget tipsLeave a Comment

What Should I Do With My Apartment While On Vacation?

Posted on November 14, 2022November 14, 2022 by joe

Vacations are great, aren’t they?

Unfortunately, you might worry that your apartment will be okay while you’re gone.

The good news is that it doesn’t take much work to prep your apartment before leaving for a well-deserved vacation. Before you head to the beach, mountains, or entertainment park, go through the following to ensure you can relax while you’re away.

Conduct a Quick Clean-Up

No one looks forward to returning home to odd smells, spoiled food, and fruit flies. The day before you leave, make sure to:

– Throw out perishable and nearly-expired items in the refrigerator.
– Throw out open fruits, vegetables, and similar items. If you have open bags of chips or other snacks, make sure they’re either tightly sealed or thrown away.
– Go through your pantry and throw out or tightly seal open food packages or containers.
– Wash and put away all dishes, then give your sink a good rinsing, followed by thorough drying.
– Make sure your coffee maker is empty and clean—including the basket.
– Check your washer and dryer to ensure all clothes have finished washing and drying and have been put away.
– If you have cut flowers, throw them away and wash their vases.
– Bag and throw out all trash, including the kitchen, bathroom, and bedroom.

Set Your Apartment to “Vacation Mode”

After cleaning, complete the following checklist to put your efficient apartment into vacation mode.

1) Set up timer plugs to automatically turn lights on and off at certain times, or consider smart plugs allowing you to turn on lights or television remotely from a smartphone.
2) To save energy, unplug small appliances that may be drawing power even when not in active use. If you can, lower the temperature of your water heater.
3) If the weather at home won’t be cold enough to threaten frozen pipes, lower your thermostats to help save on energy costs.
4) Ensure all water faucets are completely turned off.
5) Test smoke and carbon monoxide detectors.
6) Put subscriptions on pause, including newspaper delivery and food delivery.
7) Put a temporary hold on mail delivery.
8) Check that all windows are securely locked.

Have Someone Check In From Time To Time

One of the surest ways to take care of your apartment, whether a studio or a 2-bedroom, while you’re away is to enlist the help of a relative, friend, or neighbor. This is especially true if you keep live plants or small pets. A helpful person can:

– Water your plants.
– Collect any forgotten deliveries.
– Ensure nothing alarming has occurred, such as a burst water pipe or break-in attempt.
– Help make your apartment look lived in.
– Feed fish or other small pets. Visit, feed, and play with a cat and clean their litter box.

If you’re going to be gone for a long while, or don’t have anyone handy to check in on your apartment for you, talk with your landlord or property management company to see if they can check in on your place from time to time.

Enjoy Your Vacation With Confidence

Prepping your apartment for a vacation is a bit of a chore, but it’s well worth it knowing you’ll be returning from your vacation to fewer hassles. The process is straightforward, and with just a little planning, it doesn’t need much time.

Follow the steps laid out above, and enjoy your time away. You’ve earned it!

Posted in Socially ConsciousTagged apartment tipsLeave a Comment

How Apartment Dwellers Can Lower Their Utility Bills

Posted on October 14, 2022November 14, 2022 by joe

In a time when people are more aware of their carbon footprint and how their choices impact the environment, it’s no surprise that many are looking for ways to lower their utility bills. Luckily, apartment dwellers have a few options for reducing their energy consumption and saving money.

Let’s talk about a few ways to lower your utility bills as an apartment dweller.

1) Use Curtains To Insulate Windows

Windows can be a significant source of treated indoor air loss in apartments, especially if they’re not double-paned. One way to reduce heat loss through windows is to use heavy curtains for added insulation and increased privacy. Not only do curtains add style and sophistication to apartment decor, but they can help block out potential drafts and air leaks that drive up energy consumption.

2) Use A Smart Thermostat

A smart thermostat empowers apartment dwellers to save energy and lower utility bills. Smart thermostats are programmable and adjust the temperature on a schedule to prevent wasting energy when no one is home.

3) Use Ceiling Fans

Ceiling fans circulate air, making it feel cooler in the summer without raising energy expenses. Putting your ceiling fan in reverse to run clockwise during the colder months pushes warm air down from the ceiling, making the area beneath warmer.

4) Turn Off Electronics When Not In Use

One of the biggest energy-wasters in many homes is leaving electronics turned on even if nobody is using them. Fortunately, many modern devices have built-in technology detecting inactivity and automatically turning off appliances.

5) Take Shorter Showers

Were you aware that water heating accounts for roughly 18% of the average household’s energy use? That means that anything you can do to reduce your hot water usage will help lower your utility bills. One way to reduce hot water use is to take shorter showers. Try setting a timer for yourself and see how much time you can save by cutting your shower time in half.

These are just a few approaches apartment dwellers can take to lower their utility bills. By making a few small changes, you can save money and energy. And who doesn’t want that? When everyone works together to reduce energy consumption, it benefits us all.

*****

At Link Apartments®, we strive to make green living not just a choice but an intuitive lifestyle for our residents. Our community offers green initiatives that make going green easier, such as recycling bins to encourage recycling and energy-efficient appliances to save on electricity usage. In addition, on-site bike storage and nearby access to public transportation promote alternative transportation forms.

These sustainability efforts benefit the environment and contribute to residents’ better quality of life. We are proud to support sustainability and green initiatives in our community. We are always open to new ways to reduce our carbon footprint, helping to ensure a sustainable future for generations to come.

Posted in Socially ConsciousTagged energy efficient apartmentsLeave a Comment

Why The Carolinas Are So Popular For Relocation

Posted on September 28, 2022September 28, 2022 by joe

Relocating To The Carolina’s

Over the past few years, many people have been examining their lives and wondering if they couldn’t do better—both in job opportunities and quality of life.

Many are finding the answer in North and South Carolina.

Why?

Whether you’re considering Charlotte, Raleigh, Winston-Salem, Charleston, Greenville, or elsewhere, you’ve got a lot of great reasons for relocating.

Here are a few.

1) Affordability

First, it’s more affordable. The cost of living can be between 10 and 12 percent cheaper than the national average, and people can find a wealth of affordable apartments available. Many apartments are designed to attract young professionals with coworking spaces, pools, gyms, monitored parking, and easy access to all sorts of recreation.

2) Great Weather

As for the weather, the Carolinas enjoy all four seasons, but none are so extreme as to be uncomfortable. Summers get warm, then move on to pleasant falls, manageable winters, and lively springtimes. And the local landscape is perfect for enjoying the weather with beaches, mountains, and miles and miles of hiking trails and campgrounds.

3) Fine Food

Southern cuisine is famous the world over. You get that and more when you live in North or South Carolina. Not only will you find many restaurants serving local dishes and delicacies, but the Carolinas’ urban centers are also home to restaurants featuring international food experiences.

4) Fantastic Job Market

Many people move to the Carolinas for their healthy, growing economies. The job market in both states has exceeded many others and continues to offer excellent opportunities to those who have suffered work loss due to Covid-19 or are looking to grow their careers.

North Carolina is fast becoming a national hub for hospital management, medical sciences and technology, information technology, publishing, and finance.

South Carolina has much of the same to offer, including a solid manufacturing base, centers for marketing and publicity, and a strong hospitality industry.

And both North and South Carolina are centers for research and scholarship with internationally-recognized universities, museums, and libraries.

5) Close To Where You Want To Be

When you live in North or South Carolina, you’re within easy reach of some of the best destinations in the United States. From Charlotte, NC, for instance, you’re only a 4-hour drive from Atlanta, less than six from Washington, DC, and less than eight from Orlando or Nashville.

North and South Carolina are also home to several international airports ready to jet you anywhere in the world.

6) Southern Charm and Hospitality

Finally, you can’t forget a long tradition of Southern charm and hospitality. Don’t be surprised to make new friends on any walk through a park, gym or museum visit, or while visiting the local brewpub. The Carolinas are where people are always willing to help a new neighbor. Southerners pride themselves on their manners and politeness, and it shows.

Find Out More Today

To learn more about what you can find in North or South Carolina for you, call us today to help get you started. Or, start browsing communities in the Carolina’s most popular cities!

Posted in Socially ConsciousTagged carolina relocationLeave a Comment

What Makes An Apartment ‘Energy-Efficient’?

Posted on June 15, 2022June 15, 2022 by joe

There can be a lot of factors to consider when renting a new apartment.

Many people consider location, local services, amenities, and rental costs. Another factor high on peoples’ list is how energy-efficient an apartment might be.

Energy efficiency is essential for a couple of excellent reasons. First, it means less being paid for services that have become increasingly expensive over the years. As importantly, many people feel invested in the environment and the necessity for not being wasteful when using energy or water unnecessarily.

Here are some questions to ask when looking at a new apartment to determine how energy-efficient it is.

Do They Offer Energy-Efficient Appliances?

Many common appliances, such as air conditioners, dishwashers, refrigerators, clothes washers, and dryers, are rated by ENERGY STAR® and will save energy and money. While there are no ENERGY STAR® ratings for ovens or microwaves, you can still take note of the model of an appliance to see how energy efficient it is.

Is the Apartment Water Wasteful?

Ask about what low-flow fixtures have been installed. Compared to many traditional fixtures, these can reduce water consumption by at least 20 percent.

Also, look at the toilet. Toilets made after 1980 can’t use more than 3.5 gallons per flush, but that can still add up to a lot of wasted water. Newer Water Sense toilets have brought that down to around 1.3 gallons per flush, saving several thousands of gallons of water wasted yearly.

Are Appliances and HVAC Systems Properly Maintained?

Air conditioning, heating, and hot water are often taken for granted—until something goes wrong. While it’s reasonable to expect a landlord to fix a non-working HVAC system or water heater, it’s also vital that they keep up with proper maintenance. A heating system that technically works, but does not work optimally, will cost more to operate. The same goes for air conditioning and water heaters. Make sure yearly maintenance is part of your landlord agreement.

Ideally, your apartment should have relatively new HVAC systems and water heaters as they will more likely be energy efficient.

Can You Review the Apartment’s Energy Bill History?

Check what utilities are covered by your rental agreement. Even if you aren’t technically paying for the utility, you can still be interested in how much energy is consumed. Your landlord should be able to provide this information if they’re the one being billed.

If the landlord can’t provide this information, or previous tenants covered their own bills, you can contact the local utility provider and request an estimate to see how energy efficient the apartment is.

Energy-Efficiency Starts At Home

While these questions are all good ones to ask when choosing an energy-efficient apartment, don’t forget there are things you can do personally.
– Invest in LED lightbulbs
– Use reusable shopping bags
– Unplug unused electronics and other small appliances when not in use
– Recycle whenever possible
– Use public transportation or other environmentally-friendly modes of transportation

Fortunately, it doesn’t take a lot of extra work to live a more environmentally-conscious lifestyle. Choosing an energy-efficient apartment and adopting environmentally-friendly habits can go a long way in conserving resources and saving money.

If you are looking for a new energy-efficient apartment near you, find a Link Apartments® community near you!

Posted in Socially ConsciousTagged energy efficient apartmentsLeave a Comment

Self-Sufficient Living Tips in a Apartment

Posted on May 3, 2022May 3, 2022 by joe

What is self-sufficient living?

It means being less wasteful at home, making better use of available resources, and maybe growing a little of your own food. These are all laudable goals and easily attainable for most people—even those living in apartments.

Here are a few tips you can use today to get started on the road to self-sufficiency.

Gardening At Home

With groceries of all types becoming more expensive these days, it pays to look at ways you can produce some of your food at home.

Small pots and window planters make ideal places to grow the herbs you need for cooking. Put basil, parsley, cilantro, and thyme in the sunny spots, and your parsley and chives in the shadier areas.

If you have a small porch, you can easily set up a few tomato or pepper plants—many of which can be purchased ready-to-go from many home and garden shops. Research small composting solutions so you can make your own fertilizer on your balcony without upsetting the neighbors.

Cut Down On Water Waste

If you’re the sort to have a lot of half-drunk water bottles about, consider consolidating them into full bottles and putting them back in the fridge. You’re saving water and lowering your carbon footprint slightly by not running out to buy bottled water so often.

Another good option for unused water is to use it to water your plants.

Why let good water go to waste? If you don’t want it, your plants will.

Become a DIY Machine

Aside from valuable sites such as wikiHow, eHow, and Mother Earth News, you can find easy, step-by-step video instructions for anything you can imagine on YouTube.

Once you learn a skill, you become less dependent upon another to provide for you. Making your household items like soap or cleaners also means you control the contents and chemicals you come into contact with. And have you seen the price of curtains these days? Making your own can save you significant money.

Finally, consider taking up canning. It is a great way to preserve food and stock up, so you have a year-round supply. You can be making and preserving your own pickles, corn relish, salsa, and more in one afternoon with only the investment of some lidded jars, a few spices, and a large pot of boiling water. After some basic canning experience, you can step it up a notch and make your jellies and other foodstuffs by adding a pressure cooker.

Anyone Can Adopt a Self-Sufficient Lifestyle

These tips barely scratch the surface of the myriad ways you can start living self-sufficiently from the comfort of your apartment. There’s no need to buy a farm and move to the country.

Start small, and nurture small changes in your routine, and you’ll soon find self-sufficiency is within easy grasp. Similarly, you’ll also discover many new ways to have greater control over your life and environmental impact.

If you are currently looking for a new sustainable apartment, be sure to check out our communities!

Posted in Socially ConsciousTagged sustainable living tipsLeave a Comment

Characteristics of a ‘Walkable’ Apartment Community

Posted on April 11, 2022April 11, 2022 by joe

Walkable Apartment Communities

Technically, one supposes that all communities are walkable, but not all walkable communities are equal.

The true measure of a walkable community is the number of benefits it provides residents. And having a walkable neighborhood can profoundly affect how well residents enjoy a particular apartment community.

Some aspects of an excellent walkable community should be apparent—attractive buildings, safe streets, and friendly neighbors.

But there’s a lot more that makes a community walkable in the best sense of the word.

Restaurants and Shopping Within Easy Walking Distance

A good community should be able to provide for all of life’s little conveniences and desires, to whit, good food, and shopping. There should be a choice of restaurants ranging from dine-in to takeout, with various levels of quality and cost. This gives residents a chance to socialize, relax, and take a break from their own lives.

And when there’s a need for supplies—be it food for the refrigerator or clothes for the closet, convenient retail shopping is another component of a good walkable community. Ideally, the community can also include a pharmacy and all-purpose retail store.

Good Pedestrian Layout

Some walkable communities come about organically as people and businesses come and go. Some are designed to appeal to existing residents and business owners or to attract new ones.

In either case, crumbling, narrow sidewalks, poor lighting, lack of parking, absence of bicycling lanes, and other issues can all take away from how much a neighborhood is enjoyed.

Wide sidewalks, designated parking lots, elegant and practical streetlights, and—perhaps most importantly—clean and fresh-looking building facades do a lot to help bring people out of their apartments and out exploring the community.

Plenty of Public Space

Parks (both for people and pets), causeways, public squares, and courtyards give residents safe places to gather, play, or relax. These sites serve well for public performances, picnic spots, or just outdoor areas for residents to linger when the weather is nice. All the better if these sites and the streets leading to them are lined with trees and other greenery.

Transportation Options

Even though they’re called “walking” communities, access to other forms of transportation makes a significant difference. This can include bike lanes and public transportation options such as buses or trains.

Good parking is also a must for those driving in for work or recreation.

A Variety of Real Estate

A walking neighborhood consists of more than apartment complexes, condos, and storefronts. It’s not uncommon to see a corporate headquarters sitting next to an apartment building, with a row of townhouses across the street and a small movie theater on the corner.

It’s about more than just variety for variety’s sake. More, it’s about the wide range of people who come to a walkable neighborhood—residents, business people, business patrons, retail and restaurant workers, and commuters. Everyone can enjoy a walking community whether they’re going to work or school, getting a bite to eat, food shopping, or perusing the local bookstore.

A Neighborhood For Everyone

A walkable neighborhood does best when it appeals to as many different people as possible. So, while the residents are the ones to stand to gain the most from a well-put-together community, everyone stands to benefit in terms of commerce, socializing, and a pleasing work environment.

No one wants to stay cooped up in their apartment. People want to experience life, and having an ideal walkable neighborhood can help provide that. Find one today and browse our communities!

Posted in Socially ConsciousTagged walkable apartmentsLeave a Comment

Grubb Properties Makes a Name For Itself in Qualified Opportunity Zone Apartments

Posted on April 4, 2022April 3, 2022 by joe

Qualified Opportunity Zone (QOZ) investing is one of the most potent combinations of tax incentives, capital deployment opportunities, and community impact that has ever been made available to investors. The program’s primary goal is to encourage investors to reinvest their capital gains in low-income areas by providing significant tax benefits.

Charlotte developer Clay Grubb has been exploring ways to balance unprecedented demand for affordable housing with an investment vehicle that guarantees solid returns.

Growth With Link Apartments®

Since 2019, Grubb Properties has raised about $350 million from about 800 individual investors to develop apartments in tax-advantaged Opportunity Zones. Late last year, shareholders of three Grubb Properties funds agreed to consolidate into the Link Apartments® Opportunity Zone real estate investment trust.

In the past few years, Grubb Properties has received around $350 million from over 800 private investors to create residences in tax-favored Opportunity Zones. More recently, Grubb Properties fund shareholders have agreed to merge and form a Link Apartments® Opportunity Zone real estate investment trust. Grubb Properties is the only group in North Carolina to raise this much money for Opportunity Zone multifamily investments.

Apartments under the Link Apartments® brand have been financed by Grubb Properties funds in regions ranging from Washington, D.C., to Los Angeles and northern California. There are approximately 4,935 units in the 19 Link Apartments® communities, with 16 more in development or under construction. The Charlotte, Triad, and Triangle metro areas all have Link neighborhoods.

Investing In Essential Housing

Grubb Properties specializes in developing “essential housing,” often described as units affordable to those earning from 60% to 140% of an area’s median income. Link Apartments® are mainly in urban areas and are popular with people under age 40. Many are early career nurses, teachers, municipal workers, and other professionals.

The company keeps rents lower than other apartment developers by focusing on design and cost benefits. For example, Link Apartments® offer only six floor plans designed for maximum efficiency. Using the same plans saves on architectural designs and allows construction to proceed more smoothly.

The first Link Apartments® opened in Richmond, Virginia, in 2012, although most of the venture’s growth has occurred in the last few years. Opportunity Zone funds have encouraged investors seeking tax benefits and exposure to the booming real estate market to get involved. Approximately half of Grubb Properties’ investors come from registered investment advisers in the United States, with the remainder coming through alternate marketing channels.

The enacted legislation requires that Opportunity Zone properties be held for at least ten years to achieve the maximum tax benefit. Grubb Properties already has plans to hold these apartments for a lengthy period because they believe the demand for affordable housing is a long-term trend.

Posted in Socially ConsciousTagged Opportunity Zone ApartmentsLeave a Comment

Where and Why We Are Providing Essential Housing

Posted on January 25, 2022January 25, 2022 by joe

Link Apartments® Essential Housing

We’re in the midst of a housing crisis—perhaps one of the latest in American history. It comes from a severe shortage in moderately priced rental housing combined with an era of increased demand, higher building costs, and continuing supply chain issues.

Providing essential housing in urban areas such as Charlotte, where demand is highest among young professionals and families, is a sensible commitment to the city’s future. That’s why Grubb Properties is taking the lead in helping provide housing for those looking for good neighborhoods and strong communities to live and work in.

Defining Essential Housing

We view essential housing as a solution that offers working professionals reasonable, quality housing in urban markets. Generally, this covers those who earn between 60 and 140% of the area’s median income.

Essential housing does not include workforce housing for middle-income working families renting in suburban areas, nor the kind of high-cost housing currently saturating many urban markets.

Recently, however, demand has exceeded availability. A significant factor of this stems from the cost challenges in building new housing. Contributing to the rise in costs are such factors as increased construction costs, higher land costs, and lingering effects of the COVID-19 pandemic.

As a result, those looking for homes who earn too much for subsidized housing but not enough to afford high-cost housing are finding themselves at a loss. This population, nonetheless, needs quality housing they can afford in neighborhoods that work for them.

Solving the Essential Housing Problem

In developing Link Apartments^®, Grubb Properties offers a solution to the housing gap that satisfies investors, potential residents, and our broader community. We select urban locations near popular and practical community amenities, transit options, and employment anchors such as hospitals, medical centers, research universities, and technical parks. This is along with offering rents inexpensive to residents earning 60-140% of the area’s median income.

With a housing shortage being a severe issue in Charlotte—primarily due to a lack of parking—solving that dilemma requires developers to take a creative approach. For example, our multifamily project will have 104 apartments, with half designated affordable for households earning 80 percent of the area median income, but only have six available parking spaces. Yet the project sits on a greenway connecting to downtown Charlotte, and the apartment community will feature a state-of-the-art cycle center. In addition, it’s within quick and easy reach of public transit options, and we’re working to improve overall accessibility.

Because of the reduced parking, we can achieve that essential housing without any public subsidy. To include more parking could cost up to $30,000 per space to build. On top of that, money saved in not owning a car can be applied to other priorities. Residents can do this because our community enables them to achieve a car-free lifestyle.

As a bit of proof supporting Grubb Properties’ approach to essential housing, their multifamily communities held high occupancy throughout the pandemic with fewer issues with collections than other renters in the community. In addition, by focusing more on the customer, our Link Apartments^® provide a full resident experience with proven investor returns.

How Grubb Properties Makes It Work

Grubb Properties development program heavily focuses on delivering Link Apartments^® communities to desirable urban markets where essential housing is in most demand.

We understand the individual or family looking for essential housing and what matters most to them. Therefore, we encourage tenants to build authentic communities at Link Apartments^® and take advantage of our Long-Term Resident Program, which caps rents for any resident who stays at least five years. More than 8% of our residents are currently part of this program.

We are always looking for new, creative approaches in housing and community-building that will allow us to deliver essential housing in the areas that need it most. Find a community near you and link to what you love!

Posted in Socially ConsciousTagged essential housingLeave a Comment