Empty Warehouses Make Elegant Apartments

What do you think of when you hear the words “converted loft-style apartment?” Bohemian artists? Inexpensive housing for younger adults? For those property owners who are willing to invest in renovation, a word that should come to mind is “profit.”

More and more renters are seeking the character that loft-style apartments are known for. Exposed brick walls, high ceilings, hardwood floors, and even ceiling ducts pair perfectly with modern and eclectic décor. Certain types of renters are drawn to the non-generic, and the imperfections of loft-style apartments, converted from building like warehouses, are actually appealing.

Apartments like these are “rust-belt chic,” and can play an important role in the revitalization of Midwest cities like Cleveland, Ohio. In an article by cleveland.com, Michael Fleming, the executive director of St. Clair Superior Development said “the existing loft homes are particularly appealing to younger people, a demographic the city has had success in attracting.” warehouseapartmentshutterstock_49517617

Some apartments are even advertised as “live-in workspaces” and rented exclusively to artists. This type of housing can help to grow the arts community in certain neighborhoods.

Renovations, though, can be a challenge. Often times, warehouses do not have the same plumbing as residential properties, and the unconventional layouts can be difficult to work with. Still, the old notion that one must spend money to make money might ring true for those interested in the conversion. Even in smaller cities like Cleveland, some converted one bedroom apartments rent for close to $1200.

Good for cities? Good for property owners? In places where residents are invested in revitalization, warehouse-to-residential apartments just might be both.

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