09 Apr Still Reluctant to Buy

BuilderOnline tells us that the housing market has nearly bounced back to a healthy state; yet more Americans than ever are opting to rent. What’s the reason for this rental market explosion that we’re seeing?

The two groups we’ve predicted will help continue to heal the housing market are still reluctant to buy: Millennials and Boomers.

Boomers are afraid of another recession, or investing in a home that may quickly depreciate. They’re also filling up rental communities as empty nesters, enjoying luxury comforts without the pain and responsibility of maintenance.

Millennials, on the other hand, don’t want to be tied down to one area. They seek freedom and flexibility, so buying feels too “permanent” to them.

These two groups are ironically looking for many of the same features and benefits of apartment living.

According to BuilderOnline, they include:

• A grand front entrance to the community with lush landscaping and striking exterior architecture.

• Open floor plans that revolve around the kitchen island.

• A resort environment that includes pools, a state-of-the-art fitness center, library, and a clubhouse for social interaction.

• Opportunities for outdoor relaxation and activities in all types of climates.

• Spa services that can be booked through the community’s concierge.

What else do you think is important to Boomers and Millennials when it comes to luxury apartment life? Share by commenting below!