Apartment preferences prove that the generational divide is not as wide as you might have thought.
A cursory internet search will reveal that more and more Baby Boomers are renting apartments. In fact, it is estimated that by 2020, Baby Boomers will account for twenty percent of the renter’s market! You may be scratching your head as you try to figure this one out, but trust us, there’s no need to overthink it. According to many internet sources, the qualities that drive boomers towards newer urban developments are, in fact, the same qualities that are attracting millennials.
The ever-increasing cost and stress of being a homeowner
Unless you’re thinking long-term (as in decades), owning a home makes very little sense as an investment. Property taxes, mortgage payments, utility costs, and home maintenance all add up really quickly, something that millennials seem to have taken in stride.
Many Boomers are also looking to downsize once they reach retirement. This leads many of them towards renting for two reasons: 1)- Renting is more flexible and short-term, whereas purchasing a condo or a home is a longer, stricter commitment, and 2)- Selling a house once can be very stressful and taxing (no pun intended). Imagine doing it twice. Many boomers favor renting over immediately purchasing another home or piece of real estate simply to save themselves the hassle.
Modern comforts and luxuries are more affordable and require less maintenance
Just like their younger counterparts, Baby Boomers are looking for more out of their urban dwellings; more space, more comfort, and more convenience, all of which modern urban developments are happy to provide.
Because Millennials are taking to these urban developments in such droves, and Baby Boomers are following suit, many new urban developments are able to provide a high-end lifestyle qualities at a more affordable price.
An on-site gym, swimming pool, a safe neighborhood, and considerate neighbors are among the most sought after apartment qualities among Boomers. Sound familiar?
Proximity to urban life, which provides convenience, entertainment, and cultural experience
More and more millennials seem to be eschewing automobiles in favor of a more walkable lifestyle and environment, and likewise, walkability is hugely important for Boomers that are returning to urban areas. To be sure, not all Boomers are dead set on returning to the center of the city, but many still want to have a place that’s easily accessible. The ability to get somewhere easily is of the utmost importance to both generations.
Believe it or not, one of the biggest factors that’s driving Baby Boomers out of the suburbs and back to the cities is the same thing that’s currently attracting millennials, and the same thing that’s drawn people to cities for centuries: cities are cultural centers, tiny microcosms for the greater melting pot of the US. In a city, like Portland, for example, you’re able to experience things you might miss in a suburb. Baby Boomers want to be close to the action. They want to be able to walk to a restaurant, see a show, check out a gallery, and stroll home, all in the same evening. With newer, more luxurious, urban apartment communities, this is becoming more and more possible.
Osprey is a gleaming example of the kind of apartment communities that are attracting both the Millennials and Baby Boomers of today. At Osprey, you can enjoy an affordable, conveniently located apartment with all the modern comforts and luxuries, right in the heart of Portland. Plus, Osprey is perfectly situated in Portland’s South Waterfront neighborhood, which provides a palatial environment right alongside the excitement of city living. Whether you’re a young urban professional ready to take on the world, or a recent retiree wistfully searching for a fun, yet relaxing place to live, there’s no doubt you’ll find comfort at Osprey.