As the housing market fluctuates, for better and for worse, Americans are turning to the the renting option for their living situations. More people in the United States are renting now than at any other point in the past 50 years, and there are reasons why. Renting is the path with the least ties and financial obligations that connect someone to a location or building for a long time. Realistically, it can be the most cost effective, especially when the average Americans move about 12 times in their lifetime. A two bedroom apartment can provide a significant amount of space with a much lower commitment than a house.
Of course, the renting situation completely depends on the city that you’re renting in. A two bedroom apartment in New York is going to be significantly more expensive than one in the Midwest. However, what if you appreciate the feel of a big city but still want the cheaper option? This is mostly dependent on population and popularity of tourism. There are cities than you can have both. Burlington, Vermont is one of the cities that provides cheaper housing options while still allowing for a two bedroom apartment that feels spacious. By 2020, Burlington is expected to break 650,000 with the median age of 26, which is important as millenials are the most likely to utilize apartment rentals. In 2015, 65% of household heads rent apartments.
Not only are the apartments cost effective but the possibility of keeping your furry friends is increasing. It used to be impossible to find cheap abodes that allowed pets, but landlords are allowing cats and dogs with the inclusion of a deposit and promise to keep the apartment rather clean. Rental properties in Burlington could allow for pets, as it is more characteristic of cheaper and smaller cities to allow animals with the expanse of space that is available.
A two bedroom apartment is more than capable of having enough space for a small family and an animal. The smaller and least committed homes are beneficial for the millenial population as they move consistently and increase their capital. They could potentially even move to a more permanent housing option once their family grows.