For decades, suburbia has been ruled by single family homes within track developments, home owners mowing the iconic front yard, landscaping the walkway and shoveling the driveway.
Renting Suburbia
For decades, suburbia has been ruled by single family homes within track developments, home owners mowing the iconic front yard, landscaping the walkway and shoveling the driveway. The times they are a-changin’. Many are giving up the home equity to invest in their quality of life. Apartments can offer ideal locations that are affordable while reducing responsibilities and costs of maintaining a home.
Recently featured in the Democrat and Chronicle in an article titled “Opting for apartment living in the ‘burbs”, Kathy Calarco recently made the move to a suburban apartment to enjoy entertainment, convenience and a lower-maintenance lifestyle. “People who are opting to rent are seeking out updated apartments in good condition as they want to leave the maintenance to someone else…” according to the article. Kathy isn’t alone. Home ownership for those entering the housing market (aged 25-34 years old) have plummeted. Those confronted with the decision to rent versus buy have increasingly opted for the former.
The benefits of apartment living go beyond ease of maintenance and convenience to entertainment centers. Apartment living can also be very affordable while affording renters these conveniences.
During the five year period between 2010 and 2015, average renter growth per annum is expected to be 1.64 million total renters, over double the growth of the prior period between 2005 and 2010 which averaged growth of 760,000 per annum, significant to say the least.
In our perpetually complicating world, simplicity on the home front is a welcomed change and seems to be a trend that will continue into 2015 and beyond.