How Baby Boomers are Keeping The Apartment Rental Market Strong Through 2023

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The Baby Boomer generation is the description applied to those lucky individuals born between 1946 and 1964, the post-World War II period characterized by unlimited opportunities as well as peace and prosperity. Most Baby Boomers grew up in a single family house which they eagerly departed after graduating high school or college to get out on their own and rent their own first apartment. While creating their own families, embarking on their careers, and building their fortunes, Baby Boomers were the leading demographic sector affecting the rise of single home sales in the real estate market as home ownership was a priority for most of these individuals.

But now the real estate scene is changing dramatically. The apartment rental market is fast outpacing the sale of single family homes, and small apartments are one of the best real estate investments on the market today, thanks to their appeal to Baby Boomers. The year 2016 marks a milestone for Baby Boomers as they turn 70 years of age. Many of these individuals have reached retirement age and have formally ended their careers. Many are experiencing the empty nest syndrome with their own children having left home, and most are searching for the next adventure in life. The senior population today is driving this exciting new trend in the real estate industry, as they are choosing to return to apartment living again rather than opting for a traditional retirement community or choosing to stay in their own homes. This trend is expected to keep the apartment rental market strong for the next two decades as the senior population becomes the fastest growing demographic sector in the United States. Investing in small apartments is one of the most lucrative decisions that any real estate investor can make.

The Apartment Living Advantage

Baby Boomers are discovering that a return to apartment living offers them a range of advantages that they would not enjoy if they simply moved into a senior retirement community, stayed in their current home, or opted to buy a new home in another location. Renting an apartment offers Baby Boomers the convenience of remaining flexible in their living situation. They no longer want to commit to purchasing a single family residence that requires them to worry about upkeep and maintenance, be responsible for furnishing a whole house, and then having to worry about eventually selling that property if it becomes too cumbersome for them to maintain. Baby Boomers who are ready to downsize their lives find apartment living offer them a new lifestyle that is unencumbered by all of the responsibilities and expenses of traditional home ownership.

Read more here about why apartments are good investments and a great idea for baby boomers!

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