Why Apartment Living is More Popular with ‘Millennials’
As more members of ‘Generation Y’ enter adulthood and begin their journey into the employment sector, most choose to rent rather than risk a long-term investment on a mortgage. Looking at all the reasons, it seems like common sense – student debt and prices for education are the highest they’ve ever been, consumer prices are higher than they were decades ago even considering inflation, poor job security is a pressing issue on the minds of new hires, and entry-level jobs out of college generally don’t pay enough for a recent graduate to even consider buying a house.
Renting allows younger members of the workforce flexibility with their career and living opportunities, and having a roommate lessens the burdens of rent and utilities. Take a look at our list below to find out why more and more Millennials have eliminated buying a home from their priorities at this time.
1. Greater flexibility
It’s fair to say that most recent graduates and young workers do not typically find their dream job on the first try. The short-term leases of apartment living complement a constantly changing schedule, and living in an apartment with minimal possessions allows renters to move in and out at a lower expense.
2. Sharing Saves
Sharing the costs of rent and utilities with a roommate or two takes a lot of the pressure off of adjusting to life outside the nest. It also opens up opportunities to reduce costs in other areas by carpooling, splitting grocery costs, house care necessities like cleaning supplies, toilet paper, cookware, electronics, and even little things like hand soap and tissues. Plus, living with someone close to you like a friend or peer helps to relieve the stress involved with entering the workforce.
3. Less Loans Means More Financial Freedom
Putting a large down payment on a home is quite a commitment for a young worker who may not even have a stable income or career, especially when they already have student loans to pay off. Paying by a month-to-month basis allows Millennials financial freedom and the opportunity to solidify their budgeting skills and establish good credit.
4. Location and Amenities
Many apartment complexes boast amenities like workout facilities, Wi-Fi hubs, and swimming pools for their tenants to enjoy. Features like these can help build a sense of community and promote healthy lifestyles. And as most jobs are located in urban areas where apartment buildings and condos tend to be more common than traditional housing, it’s easier to find an apartment near to where you work.
Rental Xperts is the best resource for Millennials and anyone else looking for an apartment in Encinitas and the surrounding area. Call us at 760-791-9583 or send in an application to find out how we could help you today.