In the D.C. suburb of Chevy Chase, Maryland, a massive apartment rental and condominium complex is going up, and apparently it can't happen fast enough. Demand for rental apartments in and near cities across America is soaring, just when most thought it wouldn't be. The expectation was that rental demand would fall as millennials aged into their homebuying years.
Despite the increase, a record 82% of renters say renting is more affordable than owning, according to a new survey from Freddie Mac, up from 67% just a year ago. "The metrics that we've seen this year have been off the charts," said Toby Bozzuto, CEO of The Bozzuto Group, which currently has over a billion dollars worth of residential, Class A construction in the works across the North and Southeast. Bozzuto's Chevy Chase development will offer 530 residential units comprised of 466 apartments, 64 condominiums and over 100,000 square feet of retail and restaurants.
Many, if not most millennials already have a mortgage in the form of student loan debt with no assets to show for it. It’s not surprising we are skeptical of the supposed “no brainer” that homeownership has been portrayed as (similar to how higher ed was falsely portrayed).
Opportunity loss (dreams) whenever delusional forecast (curricula) meets realistic supply (on the streets of real America)....?
Save some logic for the rest of us millennials!
It’s called building equity when you buy a home and of course it’s more expensive.
No, more millennials cant be bothered working hard so they want subsidies. Get a fucking job, work hard and pay your own way.
America is a rip off!Move to Spain or some country in Europe. My wife and I live in a 4 bed,3 bath,4 story house in the 🌄 and 25 minutes from the Sea next to a 12th Century Castle. Our rent is 400euro, that is about 448 US. I was paying 600 for 1 bed apt. on the beach in Oregon!
When people tell me owning a home is the only option, I inform them how I pay $1,500/mo in taxes, PMI, interest, and insurance. Their $1,000 rent isn’t so bad then.
Idiots.
SMART Especially with the big rise in property tax across America
This aggression towards millennials will not stand man
As long as their parents pay the rent.🙄
I rent in LA but buy small multi-families out of state for my portfolio. Oh yea, and i'm a millennial. Renting fits my lifestyle while tenants build my equity.
More proof that Millennials are idiots who have been brainwashed by leftist communist economic professors. No. Renting is no cheaper. Google the word 'equity'.
Love paying ever higher rent year after year? Love needing to move if landlord says you gotta go? Renting is for You!
This is totally a personal decision. The down payment on houses are what's keeping millennials out. The monthly prems for rent maybe higher, but aptmnts don't require a $40k down payment for the loan...not to mention the yearly $10-15k maintenance costs nobody talks about ever...
no maintenance, no pmi, no devaluation of property, you can move much easier for work...yes renting (for me) is better.🙂
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