The Millennial generation – those who are currently 18 to 34 years old – are choosing to rent apartments rather than buy homes. In fact, a new report from the Joint Center for Housing Studies at Harvard University found that people aged 25 to 34 years old are putting off buying homes for several reasons, including college debt. But financial concerns are only a small factor in many Millennials’ decision to rent apartments. Many simply prefer the lifestyle that renting an apartment affords them over home ownership.
Here are the top 5 reasons why Millennials love apartments:
- They don’t want to own a home. In a recent survey, 66 percent of Millennials said they felt more fulfilled by life experiences than by purchasing an item of the same value and 62% plan to increase the amount of money they spend on experiences – rather than possessions – over the next year. They view owning a home as just another possession that they don’t want or need.
- They don’t want to commute. In fact, many Millennials don’t see the need to own a car, when riding a bicycle or taking public transportation is so cost-effective. Many apartment communities – especially those in urban centers – offer residents the ability to walk or ride bike to work, grocery stores and other locations. Plus, this is a more environmentally-conscious way to commute – a way of life that is very important to Millennials. Public transportation – including buses and trains –are also easily accessible to many apartment residents.
- They love living in cities. Unlike their predecessors, millennials are living in cities instead of the suburbs, where they can live, work and have fun with their friends, all in one area. Many cities have revitalized their downtowns and have become a mecca of modern, comfortable apartment communities for Millennials and others.
- Millennials love technology. This generation practically lives online and is comfortable with new technology gadgets. Constantly on their smartphones and tablets, they are watching YouTube and Facebook videos. And they prefer to receive information – and communicate with friends and family – via text. Many apartments offer free wi-fi in their public areas as well as Bluetooth surround sound, notification of package deliveries via text and other features that appeal to this generation.
- Renting is a smarter option with many Millennials’ high college debt load. In 2013, 19 percent of people aged 20 to 39 had to make monthly student loan payments that exceeded 14 percent of their monthly income, making it difficult to save up for the significant down payment required to purchase a home.
If you are a Millennial looking for a new apartment to rent in your city – or anywhere in the U.S. – the best way to the perfect home for you is to visit ApartmentSearch.com. We help you quickly narrow down your choices by neighborhood, walkability, price range and desired amenities – including tech-friendly features. You can even earn up to $200 in rewards for yourself or to be donated to charity when you let your new apartment community know that you found them on www.apartmentsearch.com.