Once seen as a step into home ownership, renting is now becoming a lifestyle housing choice for many of today's residents, says National Apartment Association president and CEO Robert Pinnegar.
He cites a few reasons why in this article for the Washington Post:
Mobility needed: Regardless of age, mobility is one of the top reasons people decide to rent. For millennials just entering the workforce or in the process of building their careers, the ability to relocate is a major factor. Even if they are in a financial position to purchase a home, millennials may choose to rent to have the flexibility to take advantage of new job opportunities as they arise. Boomers value mobility, as well — with their children grown and out of the house, many have realized they no longer want or need a large suburban home. Instead, they’re opting to rent in urban environments that offer greater flexibility for travel and the option to leverage the equity in their homes. Many baby boomers also are working longer than their parents did. They still want to be close to their job and are not yet ready to retire to a new locale, but they are empty-nesters who want a vibrant, walkable lifestyle.
The convenience of living in the middle of things: Similarly, we’re seeing residents choose renting over homeownership for the sake of convenience. For busy boomers who are ready to give up the yard work and other home-maintenance tasks, renting is an attractive alternative. If something breaks or goes wrong, all they have to do is pick up the phone and call the property manager to take care of it. The same goes for young professionals who may lack the time, experience or willingness to address these issues.
Creating a sense of community: In addition to making residents’ lives easier, modern apartment amenities are designed to encourage socialization and create a sense of community. Whether it’s happy hour on the rooftop deck or cooking class in a common kitchen area — both of which we’ve seen local properties host for residents — these are the types of experiences that today’s renters are looking to incorporate into their lifestyles.
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