Renting Becoming a Destination, Rather Than a Stepping Stone
Boomers and Millennials are two of the fastest-growing groups of renters today, preferring convenience and community in their housing choices.
Robert Pinnegar, president and CEO of the National Apartment Association, writes that, "modern apartment amenities are designed to encourage socialization and create a sense of community," via common areas for parties, educational seminars, or other group activities. Experiential living is a valued amenity for both Boomers and Millennials. Additionally, Boomers are increasingly working longer than their parents did, and as such also value walkability to the office, as do Millennials, The Washington Post reports.
“There’s no question that apartment living keeps getting better,” said Stephanie L. Williams, president of Bozzuto Management Company. “We’ve just started to see a slight shift in Boomers actually deciding to forgo a mortgage for rent in high-end, [amenity-rich], and do believe that we’ll see more. They’re not necessarily moving from the suburbs directly into downtown. More likely, they’re staying fairly close to home in communities they’ve known for decades and are opting for nearby town centers. Millennials, on the other hand, are enamored by the eclectic, energetic urban environment and thus love living downtown close to art, culture and entertainment.”