Much has been said about millennials and their continuing struggles in homeownership. In fact, experts have repeatedly stated that millennials are today’s “renter generation”, since renting caters best to their preferences.
Surprisingly, however, another generation is seen to enter the renting market: the Baby Boomers. With most of them nearing (or are already entering) retirement, baby boomers are now looking into the numerous benefits of renting apartments over downsizing.
Renting is Increasingly Popular
Homeownership rates continue to drop at historic rates, and might be partly due to the surging interest among baby boomers to rent. It was found that families or married couples aged between 45 and 64 years old accounted for almost twice the share of renter growth, based on a recent study by the Joint Center for Housing Studies at Harvard University.
Data from Apartment List further solidified this fact, with the number of baby boomer renters reaching as much as 11.8 million in 2014. This is mostly due to the fact that baby boomers are now realizing the benefits of renting over homeownership, such as the little need for maintenance and the sense of community fostered among apartments.
What They Want
Renting is often associated with affordable and compact spaces, but it’s luxurious apartments that are attracting boomer renters. When asked what they are looking for in rented spaces, boomer renters named high-end amenities, large closets and master bathrooms, chef’s kitchens, and nearby high-end restaurants as their top priorities.
While baby boomers still prefer cost-effective spaces, they also have relatively larger budgets to accommodate these high-end preferences. These amenities also come with numerous benefits: bigger spaces allow families to get together; larger kitchens provide limitless opportunities to host parties; better walkability affords better access to high-end living.
More than these amenities, however, baby boomers seek a sense of belonging and connection. They also foster a strong desire to move into a multigenerational setting, where they can foster a sense of community with people of all ages.
Now is the Best Time to Rent
At the end of the day, renting is the best option for those seeking the perks of homeownership without the responsibilities of maintaining it. It’s no wonder, then, that people of all ages are looking into luxurious apartments for rent, such as those in Sycamore Terrace Apartments in Temecula, CA.
Living Like Millennials? Baby Boomers Are Renting, Paying off Debt, and Have Roommates, NBCNews.com
Why Renting Isn’t Just For Millennials, ApartmentList.com