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