While numerous people are still seeking rental houses, the construction of more rentals is taking place because of the increase in demand for apartment living.
The inclusion of approximately 2 million new rentals took place in 2014 while the number of owner-occupied homes reduced by over 35,000 according to the U.S. Census Bureau in 2015.
As more “Generation Y” members enter adulthood and start their journey into the employment sector, most opt for rentals than mortgage investments. Here’s a list of reasons why this trend remains popular.
The idea of a more communal living style can appeal to single persons or those who enjoy making friends and wish to interact with others. If they have family or friends who reside in an apartment complex, this can drive them to rent an apartment as well.
Putting a huge down payment on a house requires commitment for a young employee who may lack a stable career or income, especially when he or she already has student loans to pay.
Nevertheless, making monthly payments gives Millennials monetary freedom as well as the chance to solidify their budgeting skills and maintain good credit.
Another reason rentals are increasingly becoming popular is that not everybody wants to own a home where they must worry about upkeep.
In an apartment, cleaning and maintenance needs are restricted to the apartment’s interior. This frees up time to perform other duties and makes it easier for those who may be unable to maintain a yard.
Amenities and Location
Numerous apartments boast amenities such as Wi-Fi hubs, workout facilities, and swimming pools for tenants to enjoy. Such features can help foster a sense of community and encourage healthy lifestyles.
Furthermore, most jobs are available in urban areas where condominiums and apartment complexes are more common than conventional housing.
In terms of location, nobody wants to reside far from activity centers. You’ll also discover that location is a major consideration when selecting a residence. Besides the conveniences you can obtain, a specified location can help establish the cost of an apartment or home.
Savings on Utilities
Sharing the costs of utilities and rent with roommates removes the pressure of life adjustment outside the nest. Additionally, it opens opportunities to decrease costs in other areas by sharing grocery costs, carpooling, and apartment necessities such as cleaning supplies and cookware.
Numerous apartments also allocate a specified cost of gas and water depending on your apartment’s size. This can save you money irrespective of the amount of gas and water you actually use.
Numerous complexes, particularly those in luxurious communities, feature pre-installed security systems, which keep tenants safe. Some companies even have security monitoring, which involves professionals monitoring your complex for burglary 24 hours daily.
Why Some People Prefer Homes to Apartments
Although apartment living has various benefits, some drawbacks cause renters to shift or consider purchasing a home. Some of the accompanying drawbacks include:
Although tenants gain from landlord-tenant laws, they still don’t own their apartments. Therefore, the landlord can enter and inspect your apartment, diminishing tenant privacy.
Furthermore, property owners expect you to follow various rules. For instance, some apartment communities have stringent rules concerning interior painting and impose charges for violations.
Apartment leases give you a limited form of property rights for specified durations. This implies that they only protect you against eviction until the lease ends.
Apartment living continues to gain popularity across the country for various reasons. For numerous people, this living style is more appealing especially for singles and those adopting a mobile lifestyle. Although some people consider apartments noisy or restrictive, the apartment living craze continues.
For more information on apartment living, contact us at Apartment Agents or leave other suggestions.