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Millennials drive demand for apartment rentals in urban areas

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Millennials have been driving the demand for apartment rentals, especially in urban areas. Millennials or members of Generation Y prefer renting over buying so much they are being called “Generation rent.”

According to a recent article by Zillow, home ownership recently hit an 18-year low. Home ownership isn’t the American dream for a lot of Americans.

  • Getting out on their own

Many Millennials lived at home longer because of the Great Recession and high student loan debt. Paying rent on time can boost credit scores, which helps young people when they want to become eventual homeowners. Being able to rent an apartment is a milestone for many people in their 20s and early 30s.

  • Having flexibility to move

Some Millennials prefer to rent because they want the flexibility to move for job or travel opportunities. They just don’t want to be tied down. If they had friends or family who bought during the housing bubble and were underwater on their mortgages, they are understandably skittish about home ownership.

  • Being close to the action

An article by City Lab points to recent studies that show Millennials gravitate to walkable urban areas with good schools, parks and public transportation. Millennials are also marrying later in life and experiencing divorce, which may propel them back to apartment rentals because of the more social atmosphere.

  • Minimizing energy consumption

Living in an apartment with less square footage is a simple way to conserve energy. Apartment dwellers reduce their carbon footprint by living in walkable neighborhoods. Many apartment rentals today are the result of environmentally-sensitive developers that have the “green” customer in mind.

For more information on finding thoughtfully-designed apartment communities, contact us.


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Clean, Green and Sustainable Living Tips for Your Apartment

House choice on white background. Isolated 3D imageMany people do want to live a more cleaner, greener lifestyle but are far too often intimidated by what green living entails. Take in a deep breath and relax. Living green is not at all as complicated as others may make you think. The best technique to successful green living is to start your transition from right where you are.

 

Recycling is always very important when it comes to living more green, but what’s even more important is cutting back and using less whenever possible. When going out to your favorite place for coffee, bring a reusable, insulated mug. Use reusable tote bags instead of plastic bags at your local grocer, and invest in a water purifier instead of buying bottled water.

Choosing a eco-friendly lifestyle isn’t always just for the homeowner. People who live in apartments can do their share when it comes to being more environmentally conscious, as well. Whether your utilities are included in your monthly rent or you pay them separately, minimizing your energy consumption can play a big role in maintaining a more sustainable way of living.

Having large-picturesque windows displaying an attractive view can be an absolute joy when it comes to certain personal touches in your apartment, but keeping that spectacular view on display all the time can quickly become an energy drainer and costly. Covering your windows with thick drapes or blinds can reduce heat loss in the winter significantly, and can keep sunlight out during the summer, keeping your apartment cool in the summer. Growing plants are another way to keeping your apartment cool in the summer, as well as keeping the air quality in your home clean.

Before moving into your next apartment, ask if there are already sustainable living practices in place. For your apartment needs and more green living tips, come live with us at Wood Partners.


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5 Things To Look for When Getting an Apartment Rental

iStock_000014814198XSmallDifferent people look for different things when they’re getting an apartment rental.  Depending on whether you are single or have a family, work outside or work at home, cook a lot or eat out all the time, you’re going to have different requirements.  Here are a few things to consider before you decide to rent an apartment:

  1. Space.  This is your most basic need when it comes to renting an apartment.  You’re going to need to have enough space for yourself and whoever else will be living with you.  If you’re single, you might be able to get by with just a studio or one-bedroom but if you’re a couple or you have a child, you might need a bigger space.  Different people also have different space requirements.  Sometimes, even those who are single like to have more space or they tend to get a bit claustrophobic.  So make sure you take all these factors into consideration when looking for a home.
  2. Proximity to work.  If you’re going to be commuting to work, you’ll probably need to make sure that your new apartment is conveniently located.  If you drive, then you don’t want to have more than a 45 minute commute, if you can avoid it.  If you take public transportation, then you want to make sure there’s a bus stop or a train station near you.
  3. Grocery stores.  If you tend to cook a lot, then you probably want to make sure that there’s a grocery store in the vicinity where you can pop down and pick up everything you need.  Even if you don’t cook that much, having a grocery store around will give you more choices in terms of frozen food, snacks, salads, fruits etc.  If there is no grocery store around, you may still be able to find a service that delivers groceries to your home for a small fee.
  4. Restaurants.  If you tend to order in a lot or go out with friends, you’ll probably want to make sure that there are some good restaurants in the neighborhood.  It helps if you’re not located right next to restaurants and bars because this will probably result in too much noise in your apartment.  But if you’re walking distance or an easy driving distance from eateries, this will probably help you to feel more at home in your new apartment.
  5. Shops.  Find out if there are a variety of shops in your new neighborhood or if there’s a mall located close by.  It would probably be helpful if you could have a beauty salon, clothes shopping, apartment shopping (like Bed, Bath and Beyond), a hardware store, a pharmacy and other stores you’re likely to need close by.

These are just a few things to consider before renting an apartment.  Contact us for more information.


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3 Ways To Use Your Old Furniture in Your New Apartment

Classy house - living room interiorWhen most people move into a new apartment, they tend to bring a lot of things with them from their old one.  Sometimes, your old furniture fits into your new home.  But at other times, it looks awkward, as though it doesn’t belong.  Maybe you had an L-shaped couch in your old apartment which fit snugly into a corner.  In your new apartment, you might find that it would be better to have the L-shape on the other end of the couch.  Or maybe your new apartment would just look better with two loveseats rather than a sofa.

Given that the two floor plans are different, the furniture that fills the two apartments may also need to be different.  This doesn’t mean that you can’t use any of your old things in your new home.  Sometimes, you can make a few changes and get everything to look perfect.  Consider the following tips to update your old things for your new place:

  1. New covers.  If you have a sofa and chairs with replaceable covers, it might be a good idea to get new covers when you move.  This will help keep that air of newness in your new apartment.  It will also give you a change from having to see the same colors and patterns again and again.  If your old apartment was done up in darker colors like reds and maroons, you might want to go with pastels in your new apartment, just for a change.
  2. New curtains and rugs.  When you change sofa covers, you’ll probably also need to change your curtains and rugs to go with your new color combination.  If your old curtains and rugs are still in good shape, you may not want to replace them altogether.  Instead, you could try moving things around within the apartment.  Use your bedroom curtains for the living room and vice versa.  If you like, you can even have two sets of curtains and upholstery and use them interchangeably.
  3. Staining/painting furniture.  If your furniture is also in good shape and you think that it will fit well into your new apartment, then it makes sense to keep it.  However, if you’re aiming for that feeling of newness, you could stain or paint your furniture a different color after you move.  This will help to match it with your new color scheme.  You could also consider using the same pieces for different purposes.  For example, if you were using a bookshelf for books in your old apartment, you could use it to store things in your kitchen in the new apartment.  This way, you don’t throw it out but you still make things new.

Contact us for more tips on decorating your new apartment.