NAA Industry Insider: Why the Yuppies of the 21st Century Rent

Among Millennials, the recession coupled with large student loan debts has made renting for the long term more appealing. Real estate experts say that Millennials will be among a growing number of "career renters" who find that apartments offer living spaces with built-in amenities without the costs of a mortgage or maintenance. According to a USA TODAY analysis of Census Bureau data, among households headed by 25- to 34-year-olds, those who rent increased by more than 1 million from 2006 to 2011, while the number who own fell nearly 1.4 million. Apartment developers typically offer units in locations that cater to young professionals and that include such high-end amenities as swimming pools, on-site fitness facilities, and brand-new kitchen appliances. Equity Residential CEO David Neithercut says, "I think that they believe that whatever their American dream is, it can be fulfilled without owning a house." 

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