For those right in the middle of what’s been called the “rent generation” — roughly encompassing those in their mid-20s to mid-30s-plus renting is a great option. With house and condo prices higher than ever, the idea of buying one in the heart of a city is frightening to those carrying high student debt, unnerved by the uncertainty of the post-2008 economy and facing prolonged underemployment, if not unemployment.
“Buying a home or condo in close proximity to employment and amenities is becoming increasingly expensive in comparison to renting,” wrote the authors of Drivers of Apartment Living For the Twenty-First Century, a 2010 report from GWL Realty Advisors Inc. “As a result, expect more 25-45 year olds to be renters in the coming decades.”
There are, some say, also attitudinal shifts at play. The GWL Realty report notes that many young people are more interested in consuming experiences than goods, which in part involves living in areas of the city that are exciting and in apartments that are filled with apartment amenities and close to work. At a time when automakers are discovering that young people would rather spend discretionary income on technology than a car, it seems many are also content to rent than buy a home.
Of course, in a world where investments can be destroyed by opportunistic speculators and lax regulators and jobs can disappear because of technology and out-sourcing, is it any wonder that the “rent generation” is skeptical about long-term commitments? As one renter says, “I’d rather collect experiences than collect things.”
For more information on apartments in Raleigh, NC contact Auston Grove Apartment Homes.