The demand for furnished apartments is rising. Furnished accommodations are targeted primarily to business professionals or people in transition, but the landscape is changing. The renting generation is infused with both millennials and baby boomers choosing a new renting lifestyle. Both groups are shedding, or not accumulating, possessions and responsibilities to embrace a “hands-free” lifestyle of mobility and adventure.
What’s the Attraction of a Furnished Apartment?
Furnished apartments play a pivotal role in the mobility sought by multiple generations. Multifamily communities are under pressure to add furnished apartments to their roster or get left behind. Here are four reasons that renters find furnished apartments desirable.
Generations are on the move:
- A report from CNN stated millennials are likely to hold more than four jobs by the time they are 32 years old.
- A report from Freddie Mac found that 5 million baby boomers are expected to rent by 2020.
Furnished apartments offer the perfect solution. They offer a stylish living space without the investment in permanent furniture and housewares. Plus, it saves time and money moving from one location to the next. When a new job arises, millennials are ready to pack up and go. For boomers embracing a life of retirement, furnished apartments offer the freedom to work and travel without the responsibility of possessions.
Younger working professionals prefer living in trendy, urban centers that offer the lifestyles they crave. However, for many, purchasing a home in these areas is unattainable. Although furnished apartments seem more expensive, they provide a stylish place to live in the most sought-after, vibrant neighborhoods.
For downsizing boomers, many exchanged suburban family homes for the amenities that city life offers such as entertainment, shopping, and restaurants. Furnished, luxury apartment communities are popular with the over 55+ crowd who want an amenity-rich, carefree existence.
Communities offering furnished apartments cater to the mobile market and also offer more flexible leases. While unfurnished units typically require a one-year lease, furnished apartments are available on both a long- and short-term basis. This is attractive to mobile professionals on a job relocation, temporary assignment, or even performing post-graduate studies.
For empty-nesters, furnished apartments provide a home-base in a time of transition. Many boomers decide to experience different neighborhoods—even cities—before making any permanent decisions.
Forget your grandmother’s living room. Today’s furnished apartments are anything but boring. Both millennials and boomers have high standards when it comes to style. Communities offer professionally designed units, featuring modern, high-quality furniture and décor, bedding, and housewares. It’s the luxury hotel “feel” combined with the community amenities such as fitness rooms, rooftop patios, and business centers that position furnished apartments as a new standard of living for an increasingly nomadic society.
For property managers, adding furnished apartments can:
- Diversify inventory
- Attract a broader range of tenants
- Decrease vacancy
- Increase revenues
Renting furniture, that can be switched out to suit any tenant’s style, is the favored solution to offer on-demand apartments geared to the growing demographic of renters—and Brook offers a world of options. Quality furniture, housewares, and décor all designed to turn the temporary into the extraordinary.