The Surprising Reason Millennials Are Renting
Many consider renting the best option for those who cannot afford a house. That does not explain why more millennials from higher income brackets, along with Americans ages 65 and up who are similarly well-off, are renting an apartment instead of buying a new home. Here are three reasons why these groups prefer apartment living:
They’re Forgoing “The Burdens of Owning a Home,” According to LVB.com
“Young professionals and even people who are looking to possibly retire in five years don’t want the upkeep and maintenance tied to owning a house,” Michael Chervanick, a business owner in Reading, Pennsylvania. The most beautiful apartment buildings require very little work from residents; management is responsible for mending leaks, mowing and watering the lawn, and changing air conditioner filters, among other things. Moreover, luxury apartment rentals are viewed as a lower risk in the somewhat turbulent housing market — and young renters are able to rent for a flexible term (typically anywhere from six months to two years), opening up their options for employment.
The best lofts and apartments come with a whole slew of amenities. Amenities may range from high-end features in the unit itself — features like quartz countertops, Jacuzzi tubs, and walk-in closets — to communal extras, like fitness centers, dog-walking parks, pools, business centers, club houses, sports bars, and walking trails.
Believe it or not, if a monthly rent that stays the same year after year sounds like a good thing to you, luxury apartment rentals may be your best option. According to the Wall Street Journal rents of middle-of-the-road apartments (units typically rented by the middle class) are rising faster than rents for luxury apartments.
If high-end appliances, stable rents, and the ability to live where you want, when you want without a ton of upkeep and maintenance sound good to you, it may be wise to look into lofts and luxury apartments instead of buying a new home.