Renting no longer carries the stigma of financial instability. Stigmas, as with most stereotype, are deep rooted. It takes and generation after generation to widely accept a notion and believe it to be true. Renting has long carried a negative connotation; those who rented were struggling and those who had purchased a home had “made it”. However, the elusive American dream has been completely reinvented. Goodbye white picket fence, hello loft apartments for rent.
City loft apartments and luxury apartment rentals in the suburbs are a hot commodity. Developers are building at an astounding rate, in order to meed the steady demand for lofts and apartments. Why the shift? The Great Recession shook Americans to their core, and the country was faced with a plummeting housing market and the highest rate of unemployment since the Great Depression. Once synonymous with being successful, the benefit of home ownership became warped as the country faced a record number of foreclosures.
While the housing market has since made a comeback — and is thriving in some areas of the country such as the heartland — Americans are biting just yet. Wary of another housing market collapse, Americans are choosing to rent city loft apartments and other rental properties as opposed to buying a home
For millennials and 20 to 30-somethings, renting may be the only choice they have; and that’s fine by them. Crushed with mounting student debt in addition to poor credit, renting city loft apartments a viable option for millennials. Lofts for rent offer flexible leasing — which is particularly helpful for those who are not settled in their career –, affordable rates, and modern amenities, all of which are attractive to millennials.
In fact, millennials have redefined the job market. Many graduated college at the height of the recession, enter a struggling and highly competitive job market with few high-paying jobs. As a result, millennials created their jobs, with many working remotely, freelancing, or consulting. Some were able to create successful businesses during this time. As such, flexible leasing options that allow millennials to move frequently — and they do — are a necessity for that generation.
Post-recession America is a much different place. The recession gave Americans the opportunity to redefine what success truly means.