Recent statistics show that older Canadians make up the fastest growing segment of apartment renters—and the trend is not slowing down. What used to be a lifestyle optimally suited for the young—millennials today—is increasingly attractive to boomers who are looking for a ‘hands-free’ lifestyle without the stress of owning a home. Increasingly, Baby Boomers and other empty nesters are trading their single-family houses for the convenience of rental apartments, entering the multi-residence market in record numbers.
The debate over apartment vs house living is a long-standing one. Yet, with more people now renting than any point over the last 50 years, more and more people are realizing the benefits of living in an apartment. When deciding where to live, it’s best to weigh out the pros and cons. Once you do that, you just might discover the overwhelming advantages that apartment living can offer.
To help you sort through your options, let’s look at 8 reasons why you should move into an apartment instead of a house.
Homeownership brings responsibility for all repairs, yard work, preventative maintenance, and the substantial costs that go with it.
One of the top reasons to move into an apartment is the fact that maintenance is taken care of for you. Homeownership brings responsibility for all repairs, yard work, preventative maintenance, and the substantial costs that go with it.
At some point, especially with older homes, there will be major repair expenses such as roof, window or heating system replacement. These substantial expenses often arise unplanned and at the least opportune times.
When you live in an apartment you don’t have to worry about any of these maintenance issues. Shoveling snow, replacing a broken dishwasher, or fixing a leaky faucet is the responsibility of the apartment superintendent. All you have to do is call property maintenance if there is an issue. As a renter, you’re not responsible for maintenance and repair of items that break down or wear out, so you’ll never face that additional expense.
Most importantly, when you no longer have to worry about maintaining a property, your to-do list is non-existent. This frees up precious time for doing the things you enjoy.
You may have little to no debt remaining on your home, but the costs of operating a home keep increasing in the form of property taxes, utility costs, and municipal services year over year. Additionally, there is overall general maintenance of a large property as it ages. All these costs of home ownership, once added up, can easily exceed the cost of renting a new modern apartment with several amenities. This is also an opportune time to sell a home and maximize returns, due to the current state of declining interest rates and increasing home purchase prices.
The proceeds from sale of the home can then be allocated to a high-quality investment portfolio, creating a generous annual dividend that can be enjoyed in perpetuity throughout one’s retirement years.
It is very safe to live in an apartment, as you are provided with added security you can’t find in a home. Apartment buildings have controlled access, monitored security systems, cameras, underground parking and generous lighting.
The close proximity of neighbours is a major safety benefit. Neighbouring apartment residents are better able to hear if something happens, notice if something seems out of the ordinary, and quickly notify the building superintendent or the authorities.
Apartment building entrances, parking garages and elevators are secured with swipes or pin codes and cameras that control access and monitor specifically who is entering or leaving the building and the time.
Increased safety features make apartment living perfect for those living alone, seniors, or those who just want peace of mind.
People are choosing apartment living over home ownership, as we witness an overall dramatic change in the quality of apartment buildings and services offered—with amenities such as package storage, fitness centers, social lounges, underground heated parking, and concierge services—all enhancing the resident’s experience. Amenities that come with apartment living are hard to beat.
With recreation and convenience right outside your doorstep, apartments offer perks you won’t find in most single homes.
One thing we never seem to have enough of is time. Anything you can do to find more time in the day is worth it, and that’s what apartment living will give you. You don’t have to worry about maintaining the yard or fixing stuff around the house. If you live in an apartment closer to work, you cut your commute time down.
All that frees up valuable time. Your weekends are free to spend with family or doing the activities you love. While you can always make more money, you can’t make more time. Having a lifestyle that gives you the gift of time is priceless.
If you desire flexibility in being able to relocate or do not want to live in one place for a long period of time, apartment living is for you. When it comes to choosing apartment living or home ownership, an apartment gives you the freedom and flexibility to easily move whenever you want.
Once you get locked into a house mortgage, you have to spend time and money to put your home on the market when you want to move. Plus, you have to worry about how long it will take for your home to sell and will you get enough money from the sale to cover the mortgage you still owe.
If you want to go on an extended vacation, you no longer have to worry about the complications that come with leaving a large home unattended, all you have to do is close the door and let your building manager know you will be gone for a period of time.
Apartment living removes the stress and complications of home ownership and provides you with a lot more flexibility to do as you please.
In addition to making residents’ lives easier, modern apartment amenities are designed to encourage socialization and create a sense of community. Whether it is hosting a cooking class or gathering together to watch a sporting event in a nicely appointed common lounge—these are the types of experiences that today’s renters are looking to incorporate into their lifestyles.
With shared common spaces and experiences, apartment living creates organic opportunities for residents to make these connections and build friendships.
Along with the financial benefits of living in an apartment comes the opportunity to save for your future. The cost of running a house makes it more difficult to save for that ‘rainy day’. When your expenses are smaller by living in an apartment, you are better able to save more money. That opens up a whole new world of possibilities for you.
Whether you are wanting to travel more, work less or save for retirement, apartment living will set you on the financial path to make that a reality.
If you are tired of the costs, stress and constraints of home ownership.
If you are ready to leverage the equity of your home and put it to work generating income.
If you value greater: flexibility for travel, safety, convenience and a sense of community – apartment living is right for you.
Ready to find your apartment?
At Thrive Living we strive to deliver a remarkable lifestyle for our residents. Creating a beautiful and comfortable home that is safe, clean, and convenient is our duty to you. With an abundance of amenities and connected to beautiful communities, living with Thrive delivers on happiness, while granting you the lifestyle you deserve.
Contact us today! We are always happy to answer any questions and help you find a location that works best for you.