Why the millennial game plan includes renting apartments—for now

As Forbes reported recently, sales of single-family units for October were nearly flat, rising less than 1 percent.  Meanwhile, multifamily and apartment properties were enjoying a steady increase in occupancy rates.  Do the millennials—currently the biggest demographic in America's workforce—and the priorities they set have anything to do with it? 

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Possibly.  Mostly single, drifting, and struggling to find a satisfying career after college, these young adults prefer to live right at the center of economic activity, where everything they need is within reach.  or at least in the outskirts, where the commute on their way to work is not short and easy.  Thus, renting out apartment complexes, most of which are built along established and emerging urban centers, would be the most convenient option for them.

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Flexibility is another appealing feature of apartment living.  Given that economic growth is not rosy everywhere, the young ones tend to move from one place to another, seeking the city where they will finally land a steady, financially rewarding job.  Renting makes moving much easier than owning a home.  In most cases, tenants can just bid their lessors goodbye to seek greener pastures, leave the keys to them, and move away. 

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Another paramount—and perhaps the most important—factor that guides millennials' choices is financial capacity.  While they love the idea of tranquil suburban living, the trauma brought by the housing crisis six years ago has slimmed their chances of fulfilling this dream soon.  Rules set by mortgage banks are lumbered with challenges, making it more challenging for everyone, especially the younger set, to obtain housing loans.  Renting presents itself as a more affordable option while the conditions have yet to enable millennials to fulfill what remains to be the great American dream.

For millennials and other individuals wishing to avail of the advantages of apartment living, NuRock Companies offer safe, warm, and accessible communities along urban areas in Texas, Georgia, and Florida. Visit the developer's website to know more about recent property developments.