Forget owning, renting is becoming the end game for many millennials and baby boomers.

An increasing number of residents are choosing rental housing specifically because it offers a more-flexible lifestyle than homeownership. In today’s economy, you can rent almost anything you need, including music, movies, clothes and cars. Having all of these options available suggests that people’s view of ownership are shifting. It’s natural that this trend extends to homes, giving people more choice over where and how they live.

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The Biggest Game Changers in Renting Are Older, Highly-Educated Renters, and 2.5 Million Stronger.

Lowering living expenses, looking for a different lifestyle, less house-related work and overall less responsibility can be achieved by downsizing, so a lot of retirees opt to rent. Baby boomers also account for the highest increase in renters in urban areas, but the spike in numbers of baby-boomer renters is much higher in the suburbs (2 percent vs 39 percent). The second highest increase comes from renters aged 35-54, 27 percent in the suburbs and 8 percent in the city.

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Housing Choices Good for Home Values.

Towns with housing units of assorted sizes tend to have, and maintain, higher home values than towns that lack residential housing choices. Home values also tend to be higher in towns that offered a wider assortment of home sizes and growing diversity seemed to enhance these values over time.

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Real Estate Institute at Stony Brook University College of Business: Impact of Market Rate Apartments on School District Enrollment May 2019.

The Real Estate Institute at Stony Brook University’s College of Business conducted a study where they followed 14 multifamily developments in 10 different school districts across Nassau and Suffolk counties. 

The study found that, over the last decade, new developments:

  • Accounted for 3,928 units of housing. 
  • Produced only 313 new students (1 student per 10 housing units). 
  • Were tax-positive for their communities.
  • Brought in occupants that lead to new property and school taxes and took advantage of the school at a much lower rate than single-family occupants. 

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