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Millennial Renter 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.