With the apartment industry still positively trending with record low vacancies and consistent rent growth, much of the focus and success has been contributed directly to Millennials and Baby Boomers. Though this is predominantly the case, not much seems to be said about the generation in between the two, the so-called Gen-Xers. Born between early 1960 and roughly 1980, Generation X consists of about 83 million people and was one of the hardest hit generations of the housing crash. Gen X is also a generation experiencing another huge exodus in household size caused by their Generation Z children leaving for college. These trends together show that Generation X could very easily be just as influential in the apartment industry as their Baby Boomer parents and their older Millennial children.
To get a better understanding of what Generation X is looking for when it comes to apartment living, I took the opportunity to interview prospective renters. Though the sample pool is small, it is safe to say that the Gen-Xers, Millennials and Baby Boomers show consistency in their lifestyle needs and expectations. The following is a summary of the answers received.
Why are you looking to rent an apartment now coming from owning a house?
I don’t want the upkeep of a house anymore. It will be nice to have someone else take care of ALL maintenance. Getting closer to retirement, I would like to save more and not spend on all the costs involved in a house. In addition, having owned a home I already have equity built and saved. With my kids being older and in college, I don’t need the space anymore. No yard upkeep and no house upkeep allowing for more time for travel and hobbies; smaller spaces to clean; lower monthly utilities; hopefully lower rent than mortgage.
When did you last live in an apartment?
24 years ago-when I first got married.
23 years ago-when I first got married and it was only for one year.
What do you want to have in your apartment/what is important to you in the community?
At this point in my life, I want to move out of the suburbs and closer to the city. I want to be able to walk to stores, restaurants and parks. I want to experience unique eateries, boutiques, etc. Safety is also important. In the apartment I want lots of windows and sunlight, quartz or granite countertops, new cabinets, under mount sinks with gooseneck faucets. Large closets with built-in shelves are a must. The bathrooms must have granite counters, tiled shower and no tub. I would like to have a resort pool with lots of deck and cabana style chairs. Workout facility onsite or very close to the community; no steps or stairs; 2-3 bedrooms; possibly no kids and maybe an older adult community; garage or covered parking and plenty of parking.
How do you plan to search for your apartment?
Online search; driving around; finding communities close to both my job and my spouse’s job.
What are your concerns about apartment living?
Privacy; neighbors too close; noise; safety; rent being too expensive in the area I would want to live in.