Historically, the American dream consisted of a good job, buying a home, and having a healthy, happy family. However, as a society and the economy have changed, the American dream has changed, as well. Today, fewer people purchase homes of their own. While there are many people who are unable to purchase homes during their lifetimes, there are also those who choose to remain in rental properties rather than investing in real estate. As a result, apartment building living has become more popular.
Renting is becoming a long-term situation.
As the economy has changed over the last several decades, particularly with the need for urban living for careers and other reasons, more people are remaining in rental situations rather than purchasing homes. For example, many people prefer the no-maintenance approach to apartment living, since building staff is often responsible for repairs and maintenance. While renting was once considered an option only until a home could be purchased, many more people are happy to keep renting rather than investing in real estate. This is making rental properties, particularly apartment buildings, more popular.
Relocation among renters varies significantly.
Despite the increased popularity in renting, there are reasons that people move when they rent their homes or apartments. Some of these reasons include:
- A job transfer or new employment
- Better neighborhood
- Forming a new family or changing family circumstances
- Reducing household expenses
- Living closer to family
- Better home or apartment (such as amenities)
- Reducing career commute time
Though there are people who still strive to achieve the dream of purchasing a home, living in apartment buildings has become increasingly popular in recent decades. For various reasons, people choose to forego purchasing a home and instead remain where they are. As a result, the popularity of apartment buildings has increased in order to accommodate these living preferences. This may change in the decades ahead, but for now, apartment living is a popular path for people.