Researchers and commentators use birth years ranging from the early 1980s to the early 2000s to define Millennials. If there is one hot trend among Generation Y, it is their love for apartment living!
According to Forbes, only 11 percent of consumers ages 20 to 29 have a mortgage, compared to 30 percent of all consumers nationwide. Since a hefty down payment and solid credit are harder to achieve (especially with outstanding student loans) many young adults are opting for the flexibility of apartment living.
Tre Nardone is a commercial real estate agent who rents an apartment in downtown Phoenix. “I lived in Scottsdale for a couple of years after I graduated from college before noticing the urban setting in Phoenix was becoming more popular. The flexibility of renting allowed for me to move within 6 months. Now I’m living in my ideal living situation!”
According to USA Today, renters increased by more than a million from 2006 to 2011. The apartment research firm RealFacts found not only that rents are up nationwide in 39 of the 41 markets analyzed but that these increases also occurred even in cities that are building rental units at a precipitous pace.
“I live in a two-bedroom apartment and that allows for me to split rent with a roommate,” stated Alex Press, a 26-year old restaurant manager in Columbus, Ohio. “I’m honestly not even considering buying until I’m in my 30s. I’m perfectly content renting for the time being.”
Why exactly do Millenials love the lifestyle associated with renting? Below are four separate rationales for what makes rentals at apartments so popular!
Let’s face it. Millennials aren’t 100% certain what they want to do with their lives right after graduation or moving into the professional workforce. Having the flexibility of 6-month and 12-month lease allows for the renters to either renew their lease or move on. Whether a millennial wants to move cities for a job or move from the suburban setting to a downtown environment, the freedom of apartment living provides renters with both options.
With the trend in Generation Y moving into apartments, you have to take into consideration how much fun apartment living can be! If your community is fortunate enough to have a pool, you can meet new friends at your apartment and forge friendships that will last a lifetime! Moving into an apartment cannot only provide you with an ideal living situation; it can drastically improve your social situation!
Raise your hand if you are under 30 years old and can put a down payment of $20,000 for a home? That’s what we thought!
The month-to-month payment options on rent allow for Millennials not to have the burden of taking out even more loans. Instead, the Generation Y population can actually save money while renting and establish good credit. This will set them up for financial freedom in the future!
Ideal Living Situation:
With the boom in rental developments, builders and developers are listening to what Generation Y is seeking in terms of their living situation. The result? Apartments nowadays are decked with the finest amenities in the perfect locations. Imagine living in a community with a workout facility, Wi-Fi business center, juice bar, and car wash. This is what Millennials can now expect from their apartment, which is why they’ll consider apartments as the idea living situation!
It is not coincidence that Millennials moving into rental communities has skyrocketed over the past several years. Developers are catering to the needs of Generation Y and in return, Millennials love everything associated with apartment living!