Together with
The Future. Millennials — financially kneecapped from owning a home thanks to low supply, high interest rates, and soaring housing prices — are increasingly pouring their extra cash into renovations of their rental apartments. If landlords keep the renovations intact even after tenants leave, millennials could push to receive a fraction of the revenue generated by future renters.
Renovation realization
When you can’t afford to buy a home, the next best thing may be to make your rental homey.
- Millennials are doing serious apartment renovations, despite the fact that they won’t be able to recoup that investment or even get their security deposit back.
- Why? It’s part of a larger mentality of investing in environments that spark joy in the now, as opposed to saving for a future (homeownership) that seems impossible to many.
- Some tenants have also generated a new revenue stream by documenting their renovation projects on social media, making creators like Alexandra Gater, The Sorry Girls, and Hattie Kolp go viral.
So, how bad is it out there for young, wannabe homeowners? A 2022 Apartment List survey found that 25% of millennials expect to rent forever. And, unfortunately, a lot of housing experts agree that’s likely true, according to Insider.
No wonder so many home-owning alternatives have popped up in recent years.
TOGETHER WITH CANVA
No design skills needed! 🪄✨
Canva Pro is the design software that makes design simple, convenient, and reliable. Create what you need in no time! Jam-packed with time-saving tools that make anyone look like a professional designer.