Forget owning, renting is becoming the end game for many millennials and baby boomers

Source: Washington Post

 

Renting traditionally has been viewed as one rung on the housing ladder: First, you rent an apartment, then move on to purchase a starter home, which is followed by the family home, where most people spend the majority of their years. Renting has always been a step in the process and rarely the endgame.

Based on the growing number of renters in major cities throughout the country, including Washington, it’s clear that attitude is changing. Instead of viewing renting as a short-term phase, an increasing number of residents are choosing rental housing specifically because it offers a more-flexible lifestyle than home ownership.

This is especially true for baby boomers and millennials, two of the fastest-growing groups of renters. Whether just starting out in their career or settling into retirement, both generations are seeking a lifestyle that offers mobility, convenience and community.

“There’s no question that apartment living keeps getting better,” said Stephanie L. Williams,  president of Bozzuto Management Company. “We’ve just started to see a slight shift in boomers actually deciding to forgo a mortgage for rent in high-end, highly serviced [properties with lots of amenities,] and do believe that we’ll see more. And they’re not necessarily moving from the suburbs directly into downtown locations. More likely, they’re staying fairly close to home in communities they’ve known for decades and are opting for nearby town center locations. Millennials, on the other hand, are enamored by the eclectic, energetic urban environment and thus love living downtown close to art, culture and entertainment.”

In today’s economy, we can rent almost anything we need, including music, movies, clothes and cars. Having all of these options available to us suggests that people’s view of ownership is shifting. It’s natural that this trend extends to our homes, giving people more choice over where and how they live.

See full article Here: https://wapo.st/2jjcxyJ?tid=ss_mail&utm_term=.8717f8b8a705

 

By | 2018-05-13T14:14:03+00:00 May 10th, 2018|Rent trends, Research|0 Comments