The rental market is looking very attractive right now, for both renters and landlords. Given the state of the housing market, there’s a large segment — mostly the younger generation — who are looking at renting as a long-term choice.
For instance, the first rule of real estate will always hold true: location, location, location. Where your apartment is and what it is near continue to be the most important factor for renters. Of course, from there it’s a personal choice whether you want to be in the heart of a city or out in the suburbs. However, one thing is true, transportation and shopping need to be easily accessible.
Access has always been important to renters who are sometimes forgoing owning a property for other conveniences. According to Zillow, builders are filling up empty spaces in neighborhoods that already have the transit in place.
Another consideration is the environment. More and more people in general are thinking about the environment, whether they’re buying a new car or looking to rent. Green designs are becoming more and more common. At the very least, landlords are swapping in or including energy efficient windows and appliances.
For the urban renter, there are compromises that often have to be made, especially because space is at a premium. Renters are willing to downsize if it means affordability, energy-saving housing. However, the trade off is that they are looking for large, shared common areas such as roof decks.
Although the housing market has grown relatively stable and is even on the rise in some areas, the crisis in Europe could still prove a setback. In that case, the rental market will start to look even more attractive.