Which Generations Are Shifting to Renting?

Renting is a popular choice for many Americans, and for many different reasons. But according to personal finance site MainStreet.com, there are two generations that have particularly been turning to renting in recent years instead of homeownership – millennials and older Americans. For various reasons, renting is increasingly viewed as a viable alternative to owning a home and paying a mortgage for these generations, allowing them to achieve the lifestyle they crave.

Millennials are being drawn more and more to renting for the following reasons, according to the Main Street article:

· A “transient lifestyle”: Renting allows for millennials to have the freedom in their location that they desire. Millennials may not be ready to settle down and put down their roots in any one particular area, and for those who prefer this lifestyle, apartments are the clear winner for a place to call home. For millennials interested in living in the D.C. metro – the nation’s capital is the most popular city in the country for millennials, after all, according to an article from The Atlantic – Arcadia Run offers the perfect opportunity to explore beautiful Manassas, located in Virginia’s Prince William County.

· Less risk: Renting is the perfect choice for millennials who aren’t willing to take on the risks associated with mortgages quite yet.

· Tougher lending requirements for homes: Tight lending standards for homes might not be an issue for non-millennials, but members of Generation Y might have a tougher time meeting these requirements – making renting an apartment look all that more attractive.

It’s no secret that millennials have increasingly turned to renting over recent years – but may what come as more of a surprise is that older Americans are, too. The Main Street article lists the following as reasons why renting has become more popular with older Americans:

· Less upkeep: Older Americans who are empty-nesters are drawn to the lower maintenance and less space that apartments offer when compared to single family homes. Downsizing to an apartment means less time and money spent on upkeep and maintenance– something that older Americans continue to value.

· Amenity-rich lifestyle: Many rental communities offer a wealth of amenities available for renters, the convenience of which is extremely attractive for older Americans. At Arcadia Run, renters don’t only have an excellent location and beautiful apartments to enjoy, but also can look forward to various amenities – including a resort-style swimming pool, fitness center, ball courts, playground and jogging trail – coming soon!

· Perfect for the in-between stage: Apartment renting is a great solution for older Americans who want a temporary place to stay while they figure out their next move – for example, a permanent move closer to children or grandchildren. An added bonus is the ability to explore a new and exciting area, such as the D.C. metro, while renting an apartment in this in-between stage.

It appears that renting has certainly become more popular for both millennials and older Americans recently, but at Arcadia Run, it’s clear that our Manassas apartments for rent have an undeniable appeal for renters of all ages. Whether it’s the location, the apartment features, the spacious layouts or a combination of these factors, there’s a lot to love for renters of every generation at Arcadia Run!

SOURCE: MainStreet.com, The Atlantic

Most Popular Features In Apartments That Renters Love

If you’ve ever lived in a new apartment, you know that it pays to be picky. Even if it takes you awhile, finding the perfect apartment with all the features you love can certainly be worth the time. Though not every apartment renter has the same exact preferences, the following are features that renters generally desire. Do any of the following popular apartment features sound familiar to you?:

· Modern: Modern features in apartments are key for many renters. Homeowners may enjoy the charm of an older home, but there’s usually not much charm to be found in old, outdated apartments. Thankfully, our Arcadia Run residents are able to enjoy the benefits of our new construction apartments with modern features, such as granite kitchen counters, pendant lighting and ceramic tile in the bathrooms

· Location, location, location: Like any type of real estate, one of the most dominant factors when searching for an apartment is its location. Renters will cross off even the most beautiful apartment units from their list if it’s not close to their ideal location. For many of our Arcadia Run residents, our location in beautiful Manassas was a strong factor in their apartment choice. Close enough to enjoy all the benefits of our nation’s capital but far enough removed from the hustle and bustle of the city, our location in the D.C. metro is ideal.

· Flowing floor plan: There’s no doubt about it – renters love an open floor plan that allows for the most efficient use of space! The kitchen area flowing into the living room area is particularly attractive for both renters and homeowners, as it’s great for entertaining. Our Arcadia Run residents are able to take full advantage of this open floor plan in their apartments, as their modern kitchens open up to their spacious living areas.

· Convenient access to laundry: One of the last things that apartment residents want to deal with is lugging their laundry up and down the stairs and to the nearest Laundromat. It’s important for many renters to have access to an on-site laundry facility, but at Arcadia Run, we take it one step further with full-size washer and dryers in every apartment.

· Parking: Access to a parking spot is clearly a huge factor for renters with cars. The cost of parking when living in an apartment can be truly staggering, especially if you’re in the middle of the city. But parking may be even more important for renters in the suburbs or the metro areas of cities, since they likely don’t have the same access to public transportation as city dwellers do. We’re glad that we can offer the convenience of an open parking policy to our Arcadia Run residents, making parking for residents and guests a breeze!

· Outside area: For renters, one main attraction of an apartment could be the lack of a yard, which means no time or money spent on lawn maintenance. However, many renters may still want at least some outdoor space with minimal maintenance required, and that’s where balconies and patios come into play. Arcadia Run residents are able to sit outside and enjoy beautiful Manassas with their outdoor spaces, and we’re glad we’re able to offer this opportunity to them!

The Arcadia Run apartments offer the best of apartment living – just ask our residents, who all enjoy all the above features of an ideal apartment! And we’re continuing to expand our new apartment community, which means that even more residents will be able to experience all the incredible features available in our Manassas apartments for rent.