Wednesday, August 28, 2013

Shifting from Home Ownership to Apartment Living

Is the American Dream of home ownership going through a new revolution?

It seems like that the American Dream is shifting from a ”for sale” mindset to a “for rent” attitude. Whereas home ownership had been regarded as a symbol of “success”, in the past decade, a rather different opinion is taking shape at least from the middle income earners.

Apartment living is increasingly becoming a more preferred choice over home ownership. And surprisingly, the decision to live in apartments has come out of personal choice rather than out of economic necessity. The present situational realities seem to have influenced this new revolution.

Life continues to get hectic and hashed with barely time to enjoy a cup of Starbucks cappuccino while seated and not while brisk walking to the office. The age and demographics of the population are changing and more households are coping better with apartment living than home ownership.

Leading economists are in agreement that renting an apartment does make sense for a lot of people and does provide unmatched benefits -- making it a preferred lifestyle. The generations today are more after comfort, convenience, practicality over and above sentiments that point to feelings of success and accomplishments. The notion about renting as wasteful and short-termed is already receiving objection from the numerous apartment renters of this country.

And even as the all-time low mortgage interest rates have not gone through any drastic movement since the economic downturn, experts are of the opinion that people just cannot rush into home ownership because it may not be right for them. In fact, experts say that homeownership is a pretty serious and big deal and not everyone is cut out for that kind of game.

Let’s take a look at some of the reasons why many households have made the shift to apartment living:

1. Flexible Terms
Flexibility in terms of short-term lease periods is available. Apartment owners can lease out the property for three, six, nine or twelve months. And for those who plan for apartment living for 3 to 5 years, renting is a more cost-effective option. In places where apartment rental properties are concentrated, renters get more value added services. Renters can choose from small configuration if they live alone or bigger ones if they live with the family.

2. Quiet Home Atmosphere
In Orlando, Florida, for instance, Lee Vista apartments offer a unique quiet home atmosphere because the place is mostly residential although the urban areas of Orlando are not very far. But within the Lee Vista areas, there are more homes and apartments and less commercial establishments.

3. Simplified Life
Another reality is that the pace of life over the past 50 years has changed tremendously. Hectic life produces exhausted people. Highly-stressed professionals and busy families are looking for ways to simply their lives sans the responsibilities that go along with homeownership. People want to be as close as possible to everything that will provide more convenience and less hassle.

4. Mobility
An increasing number of apartment renters are high-level executives who require multiple residences across the country to manage their business franchises and outlets. Apartment living for them offers an easier and practical dwelling arrangement as they travel around. 

Cedric Loiselle is a passionate writer who takes pleasure in sharing useful information about real estate options to those who need it. 

3 Smart Readers SAID::

Unknown said...

I am done with apartment living. i prefer having my own home to do whatever I please with it.

mommy Orkid Belle said...

Mommy, I sure don't know if my first comment made it, but in case it didn't I'll comment again. LOL! Tim and I are sure not a fan of apartment living and hope we don't have to go there. We are renting right now, but would love to buy a house someday. It sure is nice to have a place you can call your own and do whatever you want.

Anonymous said...

I owned a house for several years because that was the thing to do and it always felt like having a second full time job. 4 years ago I moved into an urban highrise apartment and have never looked back. I love it!!

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