Posted July 31, 2015 by RentJungleWhen you are in search of a new rental, location is always a key factor - whether you desire a location close to your work or one that is far from city life. Current trends suggest that one specific aspect of location is increasing in its importance - walkability. You may have checked websites like Walk Score to view a building's proximity to locations like grocery stores, transportation, restaurants, and the like; but a new study suggests that walkability could soon be a top deciding factor when it comes to choosing a new rental apartment or home.
The study, conducted by RealtyToday.com focuses on how various aspects of walkability are impacting today's real estate market. Perhaps, most importantly is the same mentality of Baby Boomers and Millennials to live without needing a car. While the boomers are downsizing, millennials do not want to have a lengthy commute to work. Fields where jobs are plentiful, such as medicine and technology, tend to be found in urban areas.
Due the economic crash in the early 2000s, many young people are skeptical of investing in home ownership, or just do not have the income to do so. Combine this with the fact that median home sales are at the highest rates in history, the younger generation is not inclined to buy.
What does this signal for property managers? Market your walkability. If millennials want to walk to both their jobs and their social events, rentals need to appeal to this. If you are a millennial currently searching for a rental the offers ideal walkability, a newly published study from The George Washington University School of Business ranks the most walkable metropolitan areas in the country. Washington D.C. topped the list, followed by New York City, Boston, San Francisco, Chicago and Seattle. These cities are categorized by the study as "High Walkable Urbanism."
If your ideal standard of living involves a high level of walkability, you certainly are not alone. As baby boomers come of retirement age and millennials continue to shift into the job market, property managers will need to being or continue development in urban areas where walkability rates are high.
Image courtesy Pixabay