It’s the apartment renters lifestyle that matters to more and more people.
The American dream of owning a house is shared by fewer people. That’s one observation from a recent poll of 2500 renters by Apartments.com. Driven by Millennials on the young end and downsizing baby boomers on the other who are both choosing a lifestyle with more experiences than stuff. You don’t often hear of similarities between the two groups but in many apartment communities that’s exactly what you see: people of both age groups choosing to live where they can walk to restaurants, enjoy live music and all the urban amenities.
The level of home ownership has been declining for a number of years. Certainly some of that is financial as the recovery from the Great Recession has been slow and getting a mortgage is nearly impossible. With 9M homeowners still owing more than their homes are worth there are undoubtedly a lot more people who will likely chose to rent an apartments when they escape from their current situation. But the bigger shift looks to be an attitude that’s broadly shared across age groups.