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Apartment rental demand soars as more millennials believe it’s cheaper than owning a home

 
Anonymous Coward
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07/08/2019 05:35 PM
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Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
[link to www.cnbc.com (secure)]

In the D.C. suburb of Chevy Chase, Maryland, a massive apartment rental and condominium complex is going up, and apparently it can’t happen fast enough. Demand for rental apartments in and near cities across America is soaring, just when most thought it wouldn’t be. The expectation was that rental demand would fall as millennials aged into their homebuying years.

Apartment demand in the second quarter of 2019 spiked 11% from a year ago. That, in turn, pushed rents up an average 3% nationally to $1,390 per month, according to RealPage, a real estate software and analytics company.

Despite the increase, a record 82% of renters say renting is more affordable than owning, according to a new survey from Freddie Mac, up from 67% just a year ago.

Rental demand is currently highest in the nation’s largest cities, with Dallas/Fort Worth, Chicago, Houston, New York City and Washington, D.C., leading.
Anonymous Coward
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07/08/2019 05:36 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
It is, because you don't have to worry about stuff breaking and not knowing how to fix them.
Anonymous Coward
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07/08/2019 05:37 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
I used to own a house but I sold it and now rent. Its not worth all the work and property taxes. Plus you never know when something major is going to break like an underground water line.
Anonymous Coward
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07/08/2019 05:37 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
And your criminal State raising property taxes every year.
Anonymous Coward
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07/08/2019 05:38 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
I used to own a house but I sold it and now rent. Its not worth all the work and property taxes. Plus you never know when something major is going to break like an underground water line.
 Quoting: Anonymous Coward 10485453


not to mention insurance is a lot less now.....
Anonymous Coward (OP)
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07/08/2019 05:42 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
I used to own a house but I sold it and now rent. Its not worth all the work and property taxes. Plus you never know when something major is going to break like an underground water line.
 Quoting: Anonymous Coward 10485453


Renting an apartment is a pain in the butt. My rent for a 2 bedroom apartment in Dallas area was $1200 4 years ago. The management increased the rent 7 times over the last 4 years . I'm paying $1900 for the same apartment for no reason. I'm done with renting an apartment. It is better to buy a home for less than $200K than renting an apartment and worry about increasing the rent every year.
Anonymous Coward
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07/08/2019 05:45 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
Cheaper when you can split the rent.
Otherwise not except in the crazy areas like sanfran or dc or austin, etc.

Do your budget and if you can afford to buy you are money ahead.

.
Anonymous Coward
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07/08/2019 05:47 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
Pay a mortgage and you'll have something at the end.....pay rent and you're paying the land lord's mortgage....
Anonymous Coward
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07/08/2019 05:50 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
That and the fact that they destroyed the middle class, so there are very few home owners than there should be. Bankers are sick selfish pigs.
Anonymous Coward
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07/08/2019 05:51 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
'owning' a home lol if you have a mortgage, you are more enslaved than any renter ever will be in the commodified housing 'market'. Many will - and already have - learned this lesson the hard way.
Anonymous Coward
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07/08/2019 05:52 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
Pay a mortgage and you'll have something at the end.....pay rent and you're paying the land lord's mortgage....
 Quoting: Anonymous Coward 73364948


the very term 'mortgage' means 'death contract' - signing your own death.
Anonymous Coward
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07/08/2019 05:52 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
It is
Anonymous Coward
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07/08/2019 05:54 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
This is exactly what TPTB want.
They WANT everyone living in apartments. The masses are much easier to control that way.
No growing your own food. You must purchase GMO chemically laden food to eat so you die at the proper time.

Soon privately owned homes will be outlawed. "For the good of the environment" of course - but it's all about control.
Anonymous Coward
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07/08/2019 05:54 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
as for cheaper, that makes no real difference as both renting and paying a mortgage are comparable in monetary cost in many ways - the only real difference is one isn't bound and shackled in the same way renting as one is who signs a mortgage...
Anonymous Coward
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07/08/2019 05:58 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
I used to own a house but I sold it and now rent. Its not worth all the work and property taxes. Plus you never know when something major is going to break like an underground water line.
 Quoting: Anonymous Coward 10485453


Renting an apartment is a pain in the butt. My rent for a 2 bedroom apartment in Dallas area was $1200 4 years ago. The management increased the rent 7 times over the last 4 years . I'm paying $1900 for the same apartment for no reason. I'm done with renting an apartment. It is better to buy a home for less than $200K than renting an apartment and worry about increasing the rent every year.
 Quoting: Anonymous Coward 71416028


here in Ohio I just signed a new lease. $644/month, nice full size apartment. includes a garage, heat, water, security and trash pickup. nice semi rural area with low crime. no dishwasher at that price.
Anonymous Coward
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07/08/2019 05:59 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
This is exactly what TPTB want.
They WANT everyone living in apartments. The masses are much easier to control that way.
No growing your own food. You must purchase GMO chemically laden food to eat so you die at the proper time.

Soon privately owned homes will be outlawed. "For the good of the environment" of course - but it's all about control.
 Quoting: Anonymous Coward 72530568


The commodified housing so that having one's own home would become impossible - that was the purpose of the mortgage in the first place - then subjecting housing prices and costs to land taxes and all sorts of other commodified shackles and presto - only the very rich who have siphoned everyone else's resources will live in proper homes - the rest forced to rent in increasingly restrictive terms - no families, children etc.

Home 'ownership' in the commodified housing market is a dream - the American Dream - and its an illusion that most moderns will never realize and cannot realize by the very fact that a dream isn't real.

Then your 300 to 500K 'valued' home is 'worth' 50k on the 'market' - then we'll start talking about homes being affordable...
Anonymous Coward
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07/08/2019 06:06 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
Yeah, I feel shackeled to my home that has gone up in value $175,000 in 4 years.
I feel shackled to all the money I make with Airbnb on the holiday weekends.

Fools.
Anonymous Coward
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07/08/2019 06:06 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
That's why the PTB hate the homeless.
They are the only ones still free.
Anonymous Coward
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07/08/2019 06:52 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
i dont understand the question.
cheaper, like monthly, over two decades, a lifetime. does equity play a part in how cheap it costs to live.
whoopty_woop

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07/08/2019 07:02 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
renting only makes sense if you have multiple bedrooms and can split the rent or make the others pay it all while you save your own for an investment property of your owns.

there's pros and cons to it

millenials are terrified of financing a home and being underwater in it. they already have 8 year auto loans. they can't imagine being tied to one place for 20-30 years and fewer are getting married or want kids before 30.

times have changed. its a landlord economy now.

if they ease up on student loan repayments...maybe they will invest in homes with nice rates.
The Rickest Rick Sanchez

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07/08/2019 07:13 PM
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Re: Apartment rental demand soars as more millennials believe it’s cheaper than owning a home
Idiots falling in to the trap of "subscription" consumerism. The wet dream of corporations.
The universe is basically an animal. It grazes on the ordinary. It creates infinite idiots just to eat them.

The Rickest Rick Sanchez comments are meant for entertainment purposes only and should not be construed to reflect the feelings and opinions, implied or expressed, of the author.





GLP