One of the hottest trends today for Generation Y is their love for living in apartments. Only 11% of people ages 20 – 29 have a mortgage compared to the 30% of everyone else, according to Forbes. Since being able to afford a large down payment and gaining solid credit are hard to do (especially with student loan debt), a lot of young adults are taking the apartment living route.
USA Today shows that apartment renters have increased by over a million from 2006 to 2011. An apartment research firm, RealFacts, found out that not only were apartment being rented more nationwide in their 39 of 41 markets analyzed, but that these increased amount of apartments being rented occurred even in cities that are quickly building new communities.
What is it that makes millennials love the apartment living lifestyle? Below are four reasons why.
Flexibility
A lot of recent college graduates do not know exactly what they want to do with their lives right out of college or when they enter the workforce. Being able to have the flexibility of either a 6-month or 12-month lease allows these young adults to decide if they want to stay or move on. Whether they want to move cities for a job or move in a different area of the city, the freedom of apartment living allows them to do this easily.
Neighbors
You also have to take into consideration how fun apartment living can be. Apartment living is a good transition for those just graduating as it allows for that close-knit community feel. If your community is privileged enough to have a swimming pool, it makes it easier to meet new friends and forge relationships that can last a lifetime. Not only does moving into an apartment provide you with the ideal living situation, but also can also tremendously improve your social life.
Save Money
It is really hard for someone under thirty to be able to put a down payment of $20,000 on a home. Having month-to-month payment options on an apartment rental allows millennials not to have to take out another loan. Generation Y can instead save money while renting and can establish good credit. This will help guide them towards financial freedom in the future.
Ideal Living
The boom of rental developments have allowed rental developers and builders to see what young people are attracted to in terms of an ideal living situation. Today, apartments are loaded with premium amenities in extremely convenient locations. Think about living in an apartment community with free wifi, a sports bar, a 24-hour fitness center and a yoga room and an oversized resort style swimming pool. This is now a realistic option for young adults, which is why they consider it an ideal living situation.
The Schottenstein Real Estate group has made a name for itself by providing millennials with premier apartment communities in Columbus and Central Ohio. These rental communities are jam packed with amenities that all young adults dream of having. Take a look at some of our rental communities and see why we have been named BIA Developer of the year three times.