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1st Lake Blog

Did You Know? More Millenials Rent than Buy

Several recent articles have shown a growing trend in real estate: many millennials are opting to rent rather than buy. We think this is a great option that falls in line with important lifestyle perks of renting. Take a look at some of the reasons why renting is a viable, long-term option for millennials.

moving boxes

Moving on up! Millenials prefer to rent because of unbeatable amenities like pools and gyms. (Photo courtesy Robert Donovan on Flickr)

Affordability

Buying a home not only requires money up front for a down payment but also a monthly mortgage in addition to property tax, insurance, and possible homeowner’s association fees. Homeowners are also responsible for their own maintenance and repairs plus the usual utilities, water, and trash. Conversely, apartments keep it simple: rent and utilities.

Unbeatable Amenities

Even if a millennial chooses to buy his or her own home, it’s unlikely to compete with the types of amenities available at most apartment complexes. For example, our new Bella Ridge property features an attached parking garage and covered walking path, a resort-style swimming pool with a tanning ledge, outdoor cabanas, and a state-of-the-art fitness facility with brand-new Precor equipment (it’s also open 24 hours). What’s more, our Bella Ridge property doesn’t limit amenities to just humans. Bella Bark, an on-site dog park, caters to furry friends by providing them with a dedicated space for outdoor play. Looking beyond Bella Ridge? Our Lakes of Chateau Estates South property feature a private lake.

Free Time and Convenience

Residents who rent from apartment complexes like those we manage don’t need to worry about maintenance and repairs or yard work. For example, all of our properties features meticulously landscaped grounds that you can simply enjoy. If something breaks in your apartment, simply contact the office – we’ll take care of repairs quickly and thoroughly. With qualified staff taking care of tasks like landscaping and repairs, you won’t have to devote your weekends to mowing the lawn or repairing the sink. Renters can get outside and enjoy the day!

Proximity

Purchasing a home in a city like New Orleans can be expensive, especially with more young professionals coming to the area, but renters get the advantage of incredible proximity without the high monthly mortgage and insurance. Many of our properties are just a quick drive to sought-after areas like the CBD and the French Quarter – without the price tag.