Introduction:
Loft apartments are iconic in the world of urban living, offering unique and stylish living spaces, most often in the heart of major cities. Often featured in movies and TV shows, loft apartments are the quintessential embodiment of the ‘cool and urban’ rental space. Loft apartments often have an interesting history and unique characteristics that most people are not aware of. We will look at the history of loft apartments, the benefits and downsides of lofts, the geographic distribution of loft rentals (what cities have them), and summarize the economics of renting lofts.
What Are Loft Apartments?
Apartments come in many varieties. Among these, the so-called ‘Loft Apartment’ usually features higher ceilings, and larger windows, and frequently includes industrial design elements. Loft apartments have fewer interior walls than normal apartments, which lends a modern and ‘industrial’ feel. Loft apartments are known for giving renters a blank canvas in which to display art, arrange furniture, and to personalize in unique ways. Lofts are different from other apartments in that they usually have soaring ceilings and extremely high cubic volume relative to their square footage. High-end lofts may also have stairs leading to a mezzanine or second floor within the rectangular footprint of the first floor.
What is the History of Lofts?
Lofts came into being as manufacturing or warehouse spaces in urban centers began to be repurposed for residential use. Real estate is about ‘location’ more than anything, and many former factories and warehouses are located right in the heart of major cities where real estate is limited. It is called ‘conversion’ when former industrial or office space is transformed into residential – and this is exactly how the Loft rental type came into being. Just look at trendy areas like the Meatpacking District in Manhattan, formerly centers of industrial activity, now home to wealthy and up-and-coming families who want proximity to the city, and large flexible spaces to call home. For many, the connection to the old function of the building (a meat packing plant, a dairy, a warehouse, and even a horse stable) is a highly valued point of interest in choosing a particular building to live in. Call it ‘nostalgia’ but there is something undeniably cool and interesting when you take up residence in a building that had a prior (or many prior) chapters in its history.
Types of Loft Apartments:
- Hard Lofts: Hard Lofts are converted industrial or commercial spaces, such as former factories, warehouses, or offices. These lofts retain many of their original architectural features, including exposed brick, beams, and ductwork. These types of spaces may have original wooden floors, brick or concrete walls, and original windows. Often air ducts, plumbing pipes, structural beams, steel pillars, and other industrial building features are left unembellished and serve to add character and contrast to a modern loft apartment. Due to the historical nature of this kind of space, rents may be higher, locations may be more interesting, and availability may be more scarce.
- Soft Lofts: Soft Lofts are newly constructed buildings designed by the architect to mimic the look and feel of true lofts. They often incorporate industrial building elements like concrete floors, exposed plumbing, air ducts, and support structures like trusses and beams. Modern design favors many of these architectural elements, and many such apartments have been built (mainly in larger cities) over the past 30 years. Most rentals advertised as ‘lofts’ these days are of the ‘Soft Loft’ variety.
Image: Hermann Park Lofts - Houston, TX
Lofts Are Preferred By Those Who Want:
- The ‘Cool Factor’: Lofts are considered by many to be the most impressive and ‘cool’ type of apartment that you can rent. In terms of personality and uniqueness, lofts are hard to beat.
- Spaciousness: With fewer defined rooms and open floor plans, lofts automatically give you a sense of spaciousness which is usually supported by numerous windows and views of the surrounding area.
- Unique Aesthetics: Lofts have a certain ‘lofty’ feel to them. You know it when you see it and when you experience it in person. Many renters find this design style very appealing and are willing to pay a premium to get it.
- High Ceilings: Lofts typically have the highest ceilings of any apartment rental type. The ceiling will either be the natural height between structural floors of the building, (such as in repurposed industrial spaces), or at the height of 2 floors in new construction – the ‘loft’ designation coming from the open ceiling in the living space that typically reaches up 2 stories.
- Customization: Open spaces in lofts tend to give you and your creative side more room to experiment. There are generally more possible arrangements for tables, chairs, seating clusters, couches, and living spaces in a loft as compared to a regular apartment with more pre-defined spaces like breakfast nooks and living rooms. If you want to do your thing your way, a loft may be a great choice for you.
- Natural Light: As noted above, the design aesthetic of the modern loft is likely to include an abundance of windows. Natural light is a beautiful and desirable thing to have in any home, and lofts are at the top of the list when it comes to having direct sunlight and a sense of connection to the areas outside.
Possible Downsides of Renting a Loft:
- Limited Privacy: The open design and limited interior walls may provide less privacy in exchange for more open space. This is a tradeoff that many renters love, but that for others may be a potential downside.
- Noise: Soaring ceilings and hard surfaces may need wall and floor coverings to prevent echoes and increased noise. Also, in the case of hard lofts, the building itself may be in a busier part of town with more ambient city noise outside and more windows through which the sound may be carried easily. This may not be ideal for all families.
- Utility Bills, Heating, and Cooling: Lofts on average have more cubic feet of airspace and are often built with wide swaths of exposed stone and brick, more windows, and possibly less insulation than a more traditional constructed building. This combination can lead to higher utility bills for heating and cooling. This will vary in significance depending on the building, season, and climate where the apartment is located. However, it is undeniable that higher cubic footage of air volume and more windows will cost more to heat and cool and be less responsive to the thermostat when you change the temperature in your space.
- Less likely to have attached outside space: Industrial buildings are not as likely to have the reinforcement and structural supports in the walls needed to have outside spaces like verandas and patios. These design elements require structural design from the early stages of building construction, and retrofitted buildings are less likely to go to the expense of installing them and may be prohibited from making substantial changes to the exterior envelope of buildings when they are covered by historical and heritage designations, as some loft buildings are.
- May be more expensive: Lofts can be up to 42% more expensive than other apartments on a per-square-foot basis. While exact price differences will vary by city and neighborhood, lofts tend to come with a price premium – particularly in the case of desirable ‘historic’ buildings.
Image: The Lofts On La Brea - Los Angeles, CA
Most Expensive Neighborhood for Loft Apartments Rent in the USA
| Hibiscus Islands, Miami Beach FL | $21,374 |
| Hollywood, Los Angeles CA | $11,097 |
| Park West, Miami FL | $10,660 |
| Parc Chestnut, Chicago IL | $8,208 |
| Downtown Miami FL | $7,864 |
| West Los Angeles, CA | $6,198 |
| River West, Chicago IL | $5,734 |
| South End, Boston MA | $5,559 |
| South Park, Los Angeles CA | $5,539 |
| Deep Ellum, Dallas TX | $5,528 |
| Financial District, Boston MA | $5,524 |
| Longwood, Brookline MA | $4,876 |
| Emerson Garden, Brookline MA | $4,864 |
| Southeast Los Angeles, CA | $4,809 |
| Historic Core, Los Angeles CA | $4,780 |
| Hyde Square, Boston MA | $4,762 |
| Uphams Corner, Boston MA | $4,662 |
| Harvard Avenue, Brookline MA | $4,639 |
| Cambridge Highlands, Cambridge MA | $4,575 |
| Egmont Tenants, Brookline MA | $4,523 |
| Cobble Hill, Somerville MA | $4,474 |
Where are Hard Lofts Found?
Major metros such as New York, Chicago, and Los Angeles are known having an abundance loft apartments. These are areas with industrial buildings that were large, plentiful, and placed in the city but fell from disuse due to changes in the economy. Smaller towns will have less of this type of structure and fewer hard lofts.
Top US Cities with Loft Apartments
| City | State | Rank |
|---|---|---|
| Miami | FL | #1 |
| Boston | MA | #2 |
| Los Angeles | CA | #3 |
| Chicago | IL | #4 |
| Houston | TX | #5 |
| Dallas | TX | #6 |
| New York | NY | #7 |
| Seattle | WA | #8 |
| Denver | CO | #9 |
| Portland | OR | #10 |
| Atlanta | GA | #11 |
| Philadelphia | PA | #12 |
| Phoenix | AZ | #13 |
| San Diego | CA | #14 |
| Austin | TX | #15 |
Conclusion:
Lofts are considered by many renters in the market to be the most interesting of the apartment design types available today. They are adaptable and spacious and are often seen as a status symbol. Appearing in movies and media for years, the traditional loft has a reputation as the idealized version of big-city living. When looking for your loft apartment, note the difference between historical conversions and new construction. Be aware that true hard lofts are relatively expensive, but the ‘cool factor’ is more than worth it for many.
