All About Renters. Are you Traditional or New Lifestyle Renter?

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People today rent for many different reasons, to save money for business plans, a deposit for a mortgage or they just don’t want to commit to a house or an apartment for many years yet.
From greater flexibility to surprising financial savings, there are reasons to be glad if you are not a homeowner.
Whether you would like to start a business or invest more in your retirement accounts, choosing to not buy a home opens up other possibilities for saving and investing. Buying a home can be a smart investment, but it’s not the only option.
Most things you buy belong to you. But if you miss a few mortgage payments or tax payments you can easily have “your” house taken away, as author and hedge fund manager James Altucher points out in a Business Insider interview.
Buying a home in a densely populated urban area is financially challenging, renting in the same area can sometimes be within reach. Renting can let you take advantage of the conveniences and rich culture of a city life.

Source: Preferences of Today’s Renters


What is a Lifestyle Renter?

For many years apartment renters were seen as second-class citizens with no financial ability to buy. Today that scenario is changing, and changing fast.
The lifestyle renter expects an upscale apartment home and will have to compete with a house in design and luxury, said Anne Sadovsky, marketing and motivational speaker.
Renting an inner-city property that is close to trendy bars, cafes and work trumps the home ownership dream for a growing number, according to Bessie Hassan, Consumer Advocate at
“This new generation of renters are not renting while they save for their dream home – they are renting their dream home instead,” she says.
This new renter is known as a lifestyle renter, they know what they want, and they’re not afraid to pay for it.

What are they looking for?

This kind of renter is responsible for a drastic change in the rental market.
Luxury comes from within—starting with the interior features of an apartment. Everything from beautiful brand new hardwood floors and walk-in closets to Jacuzzi baths, granite countertops and stainless steel appliances are a sure sign you’re in a luxury apartment.
These eye-catching details add to the overall aesthetics of a home, giving off a bold impression that you’re living the ultimate lifestyle.

Brett Wright can afford to purchase a $400,000 home on his $200,000-plus yearly salary. Instead, he chooses to pay about $1,800 a month to rent an apartment. “I’m on the road a lot and the concierge service here collects my mail and even takes care of dry cleaning” says the 28-year-old regional manager for Lord, Abbett & Co.


Location & Amenities

To determine which amenities and community features are most important to today’s renter, asked respondents to rank amenities in order of priority. Not surprisingly, the cost of rent topped the list, followed by air conditioning.
Luxury renters desire high-speed Internet, washer/dryer in the unit, more space, newer kitchen appliances and a separate dining area.
Also, deluxe accommodation with amenities such as resort-style pools and spas, beautiful landscaping and movie-screening rooms that create next-level experiences not normally found within apartment complexes, you have access to the best of both worlds—luxury comfort, all in your own home.
Convenience and comfort is the key to create luxury—and this key can be found in amenities.
Many luxury apartments for rent boast community areas like entertainment rooms, barbeque pits, business centers that offer free printing and endless coffee, and spacious gyms lined with state-of-the-art equipment.
And last, but not least, perfect location. Imagine not having to rely on a car so much. Many well-located apartment communities give their residents that flexibility.
Mobility is attractive for many, especially those just relocating in an area. The luxury of being in the center of all, means easy access to the hottest restaurants, shops and attractions, as well as nearby places for practical use like grocery stores, malls, hospitals and transportation hubs.

Many apartment communities deliver the luxury features and finishes of upscale homes, and give residents such niceties, as pools and business centers, enabling them to avoid having to pay for those amenities elsewhere.

The new lifestyle renters want service.

The more you can make the lifestyle renter communities like a five-star hotel, the more they will like it. They may travel a lot and don’t want to have to worry about a house while they are gone. They might even consider the staff as their employees, expecting them to jump when they call.
If you want to know more about renting don’t hesitate to read this. What Every Executive Should Look for When Renting an Apartment.
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