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.
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.
Read more: What Gen Y Wants in an Apartment
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.
Read more: Happy Together? The Rise of Multigenerational Home Living
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.
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