If you found an apartment you love, you are probably wondering if you can stay in it forever. In theory, yes you can – as long as your lease continues to be renewed. You are not alone. According to National Freddie Mac’s 2019 housing survey, nearly 40% of renters report that they will likely never own a home.
Why Do People Live in Apartment Complexes for Decades?
Some apartment complexes have residents staying for over 30 years because they love the lifestyle provided. So, why do people choose to live in apartments for the long term?
- All landscaping and grounds done – the grass is cut and mowed, snow is typically managed, and roofs repaired. Virtually all the headaches of homeownership are solved in a well-managed building.
- Community living – tends to foster more of social environment with your neighbors, as opposed to freestanding homes where many residents don’t know anyone living around them.
- Maintenance-free living – gives residents more time to focus and nurture their interests instead of worrying about the time and costs of things that need fixing.
- Location – Apartments usually have great locations. Opportunity to live closer to shopping centers and other lifestyle amenities without being forced to drive miles.
- Amenities – Many apartments come with on-site amenities such as a swimming pool and fitness center, making for great lifestyle.
- Flexibility – Chance to be flexible and make quick decisions to suit their lifestyle needs.
What Factors Can Affect Your Stay in an Apartment?
While in theory, you can stay in an apartment forever, there are some factors that may affect your stay:
- Owners want to move into the property themselves – this is a common situation in condos and homes where the landlord is usually a private owner. This is much less likely to occur in an apartment complex, and another consideration before renting a home
- Rent increases and you cannot afford it or your financial circumstances change.
- The apartment complex gets converted into some other facility like a retirement village or a commercial establishment.
- Your lease is not renewed for any other reason.
Trend Shifting to Rental Apartment Living
According to Freddie Mac’s 2019 housing survey, nearly 40 percent of renters report that they will likely never own a home (up from 23 percent two years prior).
Now, more than ever, there is a trend towards apartment living and ‘renters by choice’ because of the added flexibility and convenience provides. And for people that love where they live, they may never want to move out and stay in the same apartment for as long as possible. So, assuming you pay your rent on time and your lease renews, there is a good chance you can live in your apartment forever.