Traditionally, a penthouse was referred to as the unit atop a hotel and other buildings with expansive rooms and best-in-class amenities. But over the years, the meaning has evolved to mean something different.
Amid the rise in income levels, Atlanta penthouses for rent have become a popular housing choice for the growing number of homeowners. They are seen as the epitome of opulent living, with their larger-than-life spacious rooms, luxurious interior finishing, and wide, unrestricted views of the horizon.
When most people hear the term penthouse, the topmost floor of a building comes to mind. Over the years, the meaning has undergone a modernized change to refer to a unit with a different design from others in the same luxurious building, with ample outdoor space and incredible views.
This guide will describe what a penthouse is, the features one would expect to find in one of them, and how much it will cost to rent or buy one.
What Is a Penthouse?
The new definition of a penthouse is a departure from what was once considered the real meaning of a penthouse. The modern meaning refers to a penthouse as a unit with a different layout from others in the building, massive outdoor space, and great views, but not necessarily on the top floor.
Nevertheless, these luxurious apartments still have bells and whistles associated with normal penthouses. They are seen as status symbols since most are located in prime real estate and owned by the super-rich.
What to Expect in a Penthouse
The Atlanta penthouses for rent have top-of-the-line features that help distinguish them from the crowd. These include:
Unique Extra-Large Floor Plans
They have square footage with a different layout, as well as ample outdoor space and direct elevator access.
These might include upgraded appliances, increased security, fancier finishes, a larger floor plan, and a private entrance with an elevator.
Ample Outdoor Space
This area can be transformed into a summer kitchen or used to build swimming pools and outdoor living rooms for hosting mini-parties.
These offer awe-inspiring and breathtaking vistas that disappear into the horizon. The light passing through the windows helps illuminate rooms.
Penthouse Target Segment
Since they are equated with exclusivity and viewed as a status symbol, penthouse developers target people with good purchasing power, such as businessmen, sports personalities, celebrities, and high-net-worth executives.
Penthouses are explicitly designed to cater to specific types of homebuyers who are willing to pay premium prices when buying that ultra-luxury space and the state-of-art features associated with it.
Are Penthouses Worth It, and How Much Do They Cost?
Much evidence suggests that penthouses are wise because of the low volatility caused by the insufficient supply of penthouses. Buying a penthouse to rent it out sounds like a viable investment plan.
Usually, the penthouse rental or buying price is around 10% above the going rate of other apartments. This means they aren’t too out of reach for most people. Depending on the penthouse’s location, the price may be out of reach or surprisingly affordable.
What Are the Pros of Having a Penthouse?
There are significant advantages to living in a penthouse. These include:
Status and Prestige
Some people buy penthouses for the sheer bragging rights and their status. Living in a penthouse makes them feel powerful—more power to them.
The penthouse has an unobstructed view of the city below. Looking through the windows and into the horizon provides some sense of peace and tranquility. Coupled with the large windows that let in light, these are premium features that are hard to come by while living in the city.
Living in the sky has to feel godly.
Large Outdoor Space
The joy of having such ample space to yourself cannot be understated. This opens a world of possibilities on what to do with it. This space could be used to create swimming pools or outdoor living rooms, which can’t be done in regular apartments.
The level of privacy afforded by a penthouse is on another level. Having an elevator leading straight to the apartment door eliminates the chances of bumping into neighbors. Being able to live way up above a bustling city uninterrupted is a joy to behold.
Premium Amenities and Services
Penthouses provide access to state-of-the-art facilities like restaurants and gyms, high-level security, ample parking space, and an apartment concierge.
Renting out an apartment can be a wise investment as an extra income revenue stream. Getting a tenant with a high demand for premium services and privacy shouldn’t be hard.
What Are the Cons of Living in a Penthouse?
While the premium lifestyle afforded by a penthouse easily outweighs almost everything, a few negatives can’t be ignored:
In Atlanta, penthouses for rent can cost a pretty penny, thus making rent and buying a penthouse out of most people’s reach. This is all due to the penthouse premium, which might seem like a steep price to pay.
Some of the features that make a penthouse appealing, such as a view, are the ones that lead to the high price of penthouses.
High Maintenance Fees
Naturally, owning a prominent place will attract a high fee from the Home Owners Association (HOA). The amenity fees paid each month also contribute t the high cost of maintenance.
Penthouses are generally hard to find because of their popularity. A bidding war is bound to occur whenever one appears on the open market, which also contributes to their high price.
Penthouses are a worthy investment that can also be used as a store of value. This is due to the non-volatile penthouse market and its increased market.
When Atlanta penthouses are for rent, a lot of judgment must be made concerning such a massive undertaking. Going through property listings might result in finding a good deal.