With a more mobile workforce and a changing societal landscape, more renters are choosing apartments. According to Freddie Mac’s housing survey, more and more renters are saying they will never own a home. Eighty percent say renting suits their lifestyle more.
So why choose apartments?
Debt and Flexibility
The Federal Reserve Bank of New York reported student loan debt reached an all-time high in 2020. According to a survey done by Millennial Manager, 40 percent of millennials have had four or more jobs since beginning work. They also say regularly changing jobs is helping advance their careers.
With this in mind, changes mean people want more flexibility. Remote work increased immensely in the last few years, especially in 2020. This means more people have the ability to work from anywhere they want. Being tied down and owning a home is no longer as big of a deal when people are working from home and traveling while working.
Apartments are Convenient, and Conveniently Located
Many people in the fast-paced work environment of our society want to work, play, and live all in the same place to save time, save money, and avoid long commutes. Apartments offer all of these things plus the ease of having amenities at home such as a gym, business center, pool, and grilling area found here at Foxboro Apartments.
Leases are Less of a Commitment Than Mortgages
Many apartment homes offer flexible terms for residents, meaning if people want to pack up and leave after a few months or a year, they can sign shorter leases or buy out of their lease. Owning is much more of a commitment. With social media encouraging exploration and mobility, more people want to move around or try out places before they settle down.
Credit is important in today’s competitive housing marketing. Many apartments will now give good credit reports when residents pay on time, allowing younger people to build credit more quickly by renting.
With so much going on at work, in people’s social lives, traveling, and more. The convenience of not having to maintain and pay for any repairs or updates to a home is important. People want a more hands-off approach so they have more time to simply live their lives, and apartment complexes often offer onsite maintenance.
What made you choose your apartment? Are you planning on buying a home? Let us know in the comments!