There’s no denying that the definition of “home” has changed in the last decade. While many generations of Americans pursued owning a home of their own as the pinnacle of the American dream, the Millennial generation has rejected this idea, instead choosing to rent their homes rather than buy. But why? Class Inc. offers more than just apartment vacancy solutions, we also offer insights into renting trends and changes, so today we’ll explore why Millennials are embracing the rental life.
Perhaps the root cause of this shift is the larger financial changes the United States has experienced since the 2009 Great Recession and the housing bubble. These conditions made homeownership difficult for even those in older generations. Millennials are still feeling the effects of the housing bubble, and with wages unable to keep up with inflation now, it’s no surprise that many are choosing to stay in apartments instead of taking the financial risk of buying a home.
But more than just finances, renting is appealing to Millennials for a variety of other reasons.
Renting Is Flexible
For many, the prospect of being tied down to a years-long mortgage isn’t as appealing as it once was. A one year lease, or even a month-to-month arrangement, allows Millennials to come and go as they please, giving them the freedom to travel more. At the very least, the flexibility of shorter leases grants them the ability to move into a place that is more within their budget.
Rentals Make Trendy Areas Accessible
Reversing a decades-old trend, many Millennials are drawn to larger urban areas, rejecting the suburbs of their parents. Urban spaces, like large cities, are notorious for their high costs of living, but renting an apartment makes it financially possible for young people to move there. Plus, renting an apartment in a trendy city lets someone see if it lives up to the hype before they decide to settle down there permanently.
The Property Manager Is There To Help
Maintaining a home is an investment of time, money, and energy. Renting an apartment reduces some of these investments, as the property manager or landlord is responsible for much of the upkeep of the apartment or community. This means that the resident can save their time and money and apply it to things that are more meaningful to them.
Apartments Offer A Sense Of Community
Most modern apartment communities now offer luxuries and amenities that are meant to bring residents together for shared activities and events. This is an easy and accessible way for Millennials to met their neighbors, develop friendships, and create a community.
Manage Your Community More Effectively
If you’re looking to expand your apartment community, and retain more of your residents, take advantage of the training courses offered by Class Inc. We can help you accelerate your lease-ups and improve your occupancy. Contact us today to see why our approach has been effective for more than 30 years!