For Many Baby Boomers and Millennials, Renting is a Choice
Digested from The Washington Post
Convenience is only one factor that drives the two largest generations to rent.
In the old days, renting used to be a stepping stone to homeownership. But this country's two largest generational cohorts, Baby Boomers and Millennials, increasingly see renting as a longer-term option.
Mobility is just one factor driving their decision to rent.
“For Millennials just entering the workforce or in the process of building their careers, the ability to relocate is a major factor,” Robert Pinnegar, President and CEO of the National Apartment Association, wrote in The Washington Post. “Even if they are in a financial position to purchase a home, millennials may choose to rent to have the flexibility to take advantage of new job opportunities as they arise."
For Boomers, who may no longer want or need a single-family home, the mobility of renting in an urban environment also holds a lot of appeal. These people are working longer than their parents and want to be close to their job and a vibrant, walkable lifestyle.
The proximity to work is also convenient, which is another factor that is driving renting among Baby Boomers and Millennials.
“For busy Boomers who are ready to give up the yard work and other home-maintenance tasks, renting is an attractive alternative,” Pinnegar writes. “If something breaks or goes wrong, all they have to do is pick up the phone and call the property manager to take care of it. The same goes for young professionals who may lack the time, experience or willingness to address these issues.”