Owning a home has dependably been a noteworthy part of ‘The American Dream’. Nonetheless, the more youthful era is by all accounts faltering far from it. They are leasing condo as it offers adaptability, as well as a reasonable answer for the Generation Y. How about we investigate a few reasons why millennials rent flats as opposed to purchasing homes:
The Freedom to Pick
As this more youthful part is as yet contemplating or searching for occupations, they would prefer not to focus on anything. They dislike the occupation in one city and need to move to another better one; or they dislike the area and may choose to move to a more complex one. Leasing gives them this immeasurably vital adaptability and flexibility to settle on decisions on their terms.
More often than not, millennials are at a struggling stage in their careers. At this point in life, many of them have to deal with student loans and therefore, would not like the idea of having mortgage debt too. Apart from the down payment and mortgage, home ownership also means property tax, repair and maintenance costs and so on. This would surely break their banks. However, renting an apartment only involves paying rent and utilities which would surely seem more favorable.
Chance to Live in Lavish Neighborhood
Renting apartment is, sometimes, the only way in which millennials can afford to live in a groovy neighborhood. From public transportation to their favorite night clubs, they can live in an apartment that is not far away from any of the attractions of city life.
Moreover, many apartment complexes have incredible amenities, such as, gyms, clubs, pools etc, which is appealing to the younger generation.
Fear of Spending
After witnessing the economic recession of 2007-2009, millennials have subconsciously become wary of spending. Some of them have seen their parents struggle to pay house mortgage which has developed an anxiety towards making a commitment to house ownership. This fear makes renting apartment a viable and practical option.
Sense of Community
Millennials have a very strong sense of community and this is the reason they are willing to share apartments with friends.
In fact, in many neighborhoods, this younger lot is sharing kitchens, libraries and so on with each other. A good cultural environment is one of the top priorities for Generation Y when choosing an apartment.