We have all heard the stories on the news about how apartment rent is continuing to rise to near-historic rates. As America takes it last few steps to full recovery from the economic challenges that plagued the nation a few years ago, a new discussion has emerged. This one has very little to do with bank interest rates or mortgage qualifications. The new discussion is about value and how we perceive it, and it seems that each generation – stereotypically speaking – has its own take on it. This is especially true when it comes to how and where we choose to live.
Baby Boomers
Typically, retiring baby boomers have a variety of options when it comes to the value they have in housing. Many have been homeowners for years and now that they are retiring empty nesters, they’re looking to downsize.
However, they may not want to be locked into a burdensome mortgage that forces them to stay put. A desire to travel, a yearning to connect to family that may be spread across the country, and being on a quest for active retirement are leading downsizing baby boomers to look to multi-family solutions. The offerings of luxury apartment communities allow for amenity-rich lifestyles, while offering them the flexibility to always be on-the-go!
Gen X
Replacing many of the retiring baby boomers in the C-Suite is Gen X. They were some of the hardest hit by the economic downturn: many invested everything they had into the housing market right before the crash. As they recover, those who have called apartment living home for the past few years may be hesitant – or unable – to return to the financial trappings of home ownership. As they continue to grow their careers, they seek executive positions that could take them across the country. This period of growth and transition comes with the desire to live in a better apartment that meets their location and lifestyle needs.
Millennials
The children of the baby boomers are the most influential generation to date. They watched their parents struggle with home ownership for a number of reasons, whether it was due to the economy, divorce, or job changes. They also likely watched their neighbors struggle to maintain more house than they could afford.
As it turns out, Millennials would rather spend money on experiences than on housing. Apartments – especially micro-apartments – are perfect for them. Less space means a lower rental rate, and they’re OK with both. For many Millennials, this will be their first apartment and the first time that they are fully independent of their parents. By saving money and making due with less stuff, they have the ability to afford the experiences they seek while still maintaining their independence.
Gen Z
What will the future hold for today’s college and high school students that will soon follow in Millennials’ footsteps? As technology becomes more abundant, will they move into apartments with greater automation? Will they choose to remain in a communal living space and move into the “adult dorms” that are beginning to pop up across the U.S. as the next trendy apartment option? During their time in student housing, they will surely be exposed to a multitude of apartments for rent that are filled with luxurious and cutting-edge amenities. Will they seek space, location, luxury or something else when the venture out on their own? Whatever the case, their hard-earned money will go to the apartment they say is right for their lifestyle – and their budget.
If you are looking for apartments for rent that fit you and your budget, look no further than www.apartmentsearch.com. Our national database can match you to the apartment you’ve been looking for, plus help you find the best value for your hard-earned dollar. To learn more about how ApartmentSearch can help you find your next apartment home, visit www.apartmentsearch.com today.
