Renters get what they want
Hey you, 20 and 30 something renters! Did you know you’re changing the world of renting? Well, you are. For reasons within your control and beyond your control, apartment communities are changing what they offer, what they improve and where future communities are being built all because of what you want.
Many of us renters probably feel that renting really isn’t a choice. You may have loans to pay off, high car insurance premiums from your fifth speeding ticket, or you just plain old don’t make enough money at your job… if you have a job. Even if we wanted to, tight lending environments make it tough, and homeownership ends up being one of those things that will have to wait until next month, next year and beyond. It’s on par with things like saving for retirement or your future children’s college tuition. The thought of it all makes me need to breathe into a paper bag.
Choosing to Stay a Renter: Take a deep breath and a step back. Because really, do you even want to buy a house? More and more renters are choosing to not by homes. Take a look at rental markets in hot areas like the Bay Area in Northern California, where Silicon Valley and its tech employees are reaping some big benefits and salaries but still not opting to purchase their dream home.
For many, the reason is because the dream home has been replaced by the dream of flexibility and freedom. Younger generations desire the ability to move if a new job or opportunity comes around and to travel more. In addition, many younger renters believe the idea that homeownership offers stability and a good investment holds little weight after seeing what effect the mortgage crisis has had on friends and family.
So more and more renters are choosing to stay renters, and they’re upping the ante. Folks in the property management industry are taking note. Renters are spending money not on big, lavish apartments, but are shilling out the dough for amenities – pools, fitness centers, web cafes, and green roofs. The other all important consideration? Location, location, location!
What Renters Want: Gone are the quiet days in the suburbs with the stupidly long commutes. While there is an increased focus on amenities within a community, renters are also looking outside their apartment community to neighborhood offerings. People renting want to be in the city; where they can walk or take public transportation to the grocery store, movie, or coffee shop. Proximity to public transportation is another growing factor for renters selecting a place to live.
Hello? Can you Hear Me?!: You may not believe it, but managers and developers are taking notice. Number crunchers are expecting this to be more than just a passing fad, but at least a decade-long trend. That means you’re going to see improvements to your community that reflect your preferences and new developments popping up in urban centers.
Whether you realize it or not, you have more control over your rental situation than you think. So cross the homeownership thing off the list and focus getting the most out of your rental.