Back in the good ol’ days — or not so good ol’ days depending on who you ask — home ownership was synonymous with achieving the clandestine American dream. Fast forward to today’s “good ol’ days” and purchasing a home is the last thing on the minds of the majority of millennials. In fact, it may just be the best thing that will happen to them since the advent of the iPhone.
Simply put, many 20 to 30-somethings will never be able to afford to buy a home, even a fixer-upper, and that’s just fine with them. As such, luxury apartment rentals such as city loft apartments and other lofts for rent in suburban communities have become increasingly popular. Why? Because lofts and apartments offer millennials affordable rental rates and flexibility in terms of leasing. Millennials are opting to save money by living with their parents or roommates for a period of time before spreading their wings and finding a luxury apartment rental to call home.
Recently, the an article published in the Wall Street Journal cited a combination of crushing student loan debt, poor credit scores and low paying jobs for 20 to 30 somethings as reasons why the majority of younger generations will never be able to afford to by a house. Additionally, the idea of remaining in one area for a long period of time just isn’t appealing to most young people, as they have come to redefine what success means to them. The days of working in an office from 9-5 are gone, and have been replaced by bringing your Apple laptop to the nearest organic, GMO-free, sustainably-harvested coffee shop and freelancing your day away.
However, millennials are alone in feeling this way. Many baby boomers facing retirement choose to rent luxury apartments in order to enjoy the rest of the retirement, without having to deal with hassles of expense of home ownership such as lawn maintenance. In fact, after the Great Recession of 2008, several Americans lost their homes to foreclosure and never looked back, opting to rent a loft and cut their expenses.
Luxury apartment rentals allow tenants — whether they be hipsters, baby boomers, or millennials — to enjoy the comfort and convenience of living in and owning a home without the additional expense and hassle.