More households in America are headed by renters now than at any other time in the last 50 years, and Milano Lakes, a new apartment community off Collier Boulevard, is in prime position to take advantage of that trend.
“A recent article in RISMedia, the online real estate magazine, reports what we’ve anticipated,” said Gary Hains, partner with FL Star, developer for Milano Lakes Apartments. “The demand for rental residences is growing, fueled by lifestyle preferences as well as the rising cost of homeownership.”
According to a recent analysis of Census Bureau data by the Pew Research Center, renter households expanded from 34.6 million to 43.3 million in the last 10 years, while owner households decreased, RISMedia reported.
“It is not only groups that are traditionally renters, such as young adults, but also middle-age adults, retirees downsizing, and professionals who are contributing to the growth in the rental market,” Hains said. “Many are attracted to the fact that they can have an apartment that provides the space of a home without the care of on-going maintenance.”
At Milano Lakes, floor plans are designed to meet the needs of a range of renters. Occupants will be able to choose from four floor plans, ranging from a one-bedroom design with 808 air-conditioned square feet and 889 total square feet to a three-bedroom apartment home with 1,439 air-conditioned square feet and a total of 1,545 square feet. Each unit will include laundry facilities, a master suite with a generous walk-in closet and dual sinks in the master bath, an island kitchen with a dining area, and a lanai.
In Collier County, the rising cost of homeownership is also a likely factor boosting the local rental market. According to a recent report by real estate database company Zillow, the median listing price for homes in Collier County was $439,000. While half of the homes available for sale fall below that figure, many new homebuyers say it’s difficult to find quality at an affordable price. Although a National Association of Realtors survey shows most renters envision owning a home in the future, they intend to wait until they can afford the home of their choice.
“While many renters may be anticipating owning a home in the future, they are presently able to enjoy a lifestyle with numerous recreational amenities and a well appointed, upscale home by renting at Milano Lakes,” Hains said.
The community clubhouse at Milano Lakes is a 5,488-square-foot clubhouse with a resort-style swimming pool and a fitness center. With interior designed by Design Group West, the building reflects the influence of Mediterranean architecture and will be the centerpiece of social gatherings in the community. A children’s playground is planned to round out the amenities. All of the amenities will be complete when the first occupants move in the fourth quarter of this year.
Located on a 23-acre site, Milano Lakes is off Collier Boulevard at The Lords Way in South Naples. Milano Lakes will include 296 apartment homes in eight buildings, offering one-, two- and three-bedroom floor plans. Within the community, 96 detached garages are planned.
Milano Lakes is being developed by an affiliate of FL Star, a conglomerate of real estate entities led by Gary Hains and David E. Torres. For information, contact Gary Hains by email gary@fl-star.com.
