Millennials are born between the early 1980s to the early 2000s. If there is one hot trend among them, it is their love for apartment living!
According to Forbes, only 11% of consumers ages 20 to 29 have a mortgage, compared to 30% of all consumers nationwide. Since a hefty down payment and solid credit is harder to achieve (especially with outstanding student loans) many young adults are opting for the flexibility of apartment living.
Why do Millennials love the lifestyle associated with renting? Below are four reasons why apartment living is so great!
Let’s face it. Millennials aren't 100% certain what they want to do with their lives right after graduation. Having the flexibility of 6-month and 12-month lease allows for renters to either renew their lease or move on. Whether a millennial wants to move to the city 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 of moving into apartments, apartment living can be fun! 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 provides 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?
The month-to-month payment options on rent means Millennials don't have the burden of taking out even more loans. Instead, they 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 apartment amenities in the perfect locations. Imagine living in a community with a workout facility, Wi-FI business center, pool and dog part. This is what Millennials can expect from their apartment, which is why they’ll consider apartments as the idea living situation!
It is no coincidence that Millennials moving into rental communities have 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!