Young, professional women are proving to be a driving force in the apartment living boom.
The demand for apartments remains strong and is likely to stay that way for the foreseeable future. A bruised housing market and sluggish economy have encouraged many people to choose renting over home ownership.
According to a recent report from CNBC, many in this group are young, professional women. These women are proving to be a driving force in the apartment living boom.
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Family trending
A report shared by Raymond James housing analyst Buck Horne on CNBC suggests that educational trends and changing cultural attitudes toward marriage are fueling the boom of young female renters.
More women than men — roughly 3 million more — are attending and completing college. The result is that there are more educated, high-earning women in the workforce than men — and these women are taking longer to choose marriage than in the past.
Traditionally, it is the young family that drives the housing market. With the current generation taking longer to marry, however, there’s less demand for single-family homes and, consequently, more demand for apartments. Horne’s findings indicate that many of these young women prefer living in major cities in apartment rentals featuring convenient amenities that make the work-life balance easier.
On the move
Many young women consider apartment living to be a prudent and convenient home option. For professionals just starting their careers, apartment living offers the flexibility to move easily if and when the next big opportunity comes knocking. And for professionals in many large metros, urban apartment living also affords the chance to live in neighborhoods close to jobs — places where they can enjoy access to amenities, entertainment and culture, as well.
As independent, young women continue to succeed in the job market, they’ll likely remain a driving force in the apartment market, these findings seem to suggest.
Photo credit: Shutterstock / Santiago Cornejo
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Short let apartments have a lot of facilities but they might differ from one apartment to another. So check if your apartment package includes breakfast, en suite bathroom, what all does the kitchenette comprise of, etc. Don’t assume that if you are booking a serviced apartment it will have all the facilities mentioned on a website, as websites may mention the amenities of premium apartments only.
The biggest mistake I ever made as a young working women…is NOT owning property. I invested for years into an apartment building..huge waste of money! Don’t let being single deter you from becoming an owner