A popular trope in movies is to have a bunch of friends living together in a house. But in reality, younger people are choosing to live in multi-family communities instead of renting a big house with their friends. The numbers show that this is not a tiny segment of society; according to Trend Statistics, that in 2017, for example, over 111 million people lived in apartments. The reasons for this are varied, and they’re not going to be the same for every tenant. But there are a few reasons – four in particular – that stand out.
Living on Their Own
People know that having roommates or housemates saves money, but many renters are trying to live on their own to avoid the mess that roommates can bring. And not just a physical mess; living with other people can be rife with clashes in living style and boundaries. Renting an apartment allows more people to live on their own.
Trying to Save Up
Some renters are trying to save up money for a down payment on a home or are trying to pay off debt early. They don’t want to be locked in a mortgage that has them paying twice their monthly rent for 30 years if they have a ton of debt to pay off. There are also tenants who have not yet been able to qualify for a mortgage, so they’re staying in apartments as they keep trying.
Remodeled Units
Many Multi-family communities are remodeling units with the latest appliances and finishes. Renting allows people to live in new surroundings without actually having to do the remodeling themselves. And, maintenance is included in the rent, which is an underappreciated benefit.
Proximity to Everything
Multi-family communities tend to be near transit stops and shopping centers, making them more convenient for people who don’t have cars or who prefer to bike or walk. Apartments often form the core of the housing in a trendy district, allowing tenants easy access to the coolest parts of town.
Living in apartments has a lot of benefits, and you can find plenty of tenants who prefer to live in these more convenient complexes than in a house. If you’re an apartment building owner and worry about getting more tenants, don’t; just keep the place in good shape and offer reasonable rent and terms, and you’ll find yourself with an overabundance of applications.