Move Over Millennials, Baby Boomers are Moving In
Census data shows that baby boomers are the fastest-growing group of renters in America with more than 5 million expected to be renting by 2020. This trend indicates a desire to focus on what’s important, such as friends and family, instead of the upkeep of a hulking property or keeping track of endless stuff.
Renting definitely avoids those most dreaded of indoor and outdoor maintenance tasks. Outdoor services such as mowing the lawn, shoveling snow, and other yard work are provided in rented properties. Any interior repairs or maintenance needed are also handled by the landlord or property manager. There are additional services some apartment buildings offer that many might not realize they want until they have it – regular housekeeping, package collection and 24/7 building security. Some communities even offer pet and plant care.
Amenities Make the World Go ‘Round
Newer apartment communities routinely offer amenities that include access to a pool, gym, group classes, happy hours, community gardens and outdoor lounge areas for grilling or communing. Apartment communities are responding to a growing desire for a lifestyle, not just a place to lay your head. Renting allows these indulgences to literally be right at your doorstep.
Community Is Everything
Many rental residences offer shared communal spaces, planned events on and off-premise and other opportunities for critical social interaction this age group might be looking for. Just because you’re no longer living in a traditional neighborhood doesn’t mean you can’t have the same sense of community.
In the Middle of it All
Urban centers are attractive to baby boomers because of the close proximity to services and because they foster a more social environment. Boomers can sometimes feel isolated with their family and friends living elsewhere and this vibrant environment can offer exciting access to walkable destinations. Nearby grocery stores, healthcare, restaurants and cultural institutions are always a plus.
Go Where the Wind Blows
With renting comes flexibility and many are moving closer to children and friends that have moved away to other cities.
Apartment living has traditionally been seen as a stage of life for the younger generation, but it’s clear the older generation is now increasingly trading the hassles of home ownership for more time to enjoy retirement.