Boise, Idaho – The construction of new apartment buildings in Boise Neighborhoods is very evident. Downtown Boise is busy with the new buildings going up that are mostly apartment buildings for luxury rentals and hotels. The booming economy of the Treasure Valley, including Boise is the main reason for new businesses coming to the area especially in Downtown Boise. You will notice at least 2 new apartment buildings being constructed in Downtown Boise alone!
These apartment buildings will likely be occupied by Millennials and Baby Boomers that chooses to rent than buy a home. Most of these rentals are high-end, luxury rentals. Luxury Rentals rates range on average from $700 -Lux$1200 per month for the apartments you can find in the heart of everything, schools, workplace, restaurants, shopping, hospitals, and many more establishments.
What makes Millennials and Baby Boomers choose to rent rather than buy a house? For Baby Boomers, it is flexibility and convenience that makes them rent. Most of the people born after World War II (1945 to early 1960s) are now ready to downsize and are not really interested in maintaining a home that needs a lot of work. They see renting as more a flexible, more convenient way to live and enjoy their lives. Aside from these reasons, they find renting more inexpensive and are looking to invest their money in businesses to make profit and add to their retirement fund.
Millennials want to rent cool apartments, live in the city nearby everything they need and walk to, especially coffee shops and restaurants. This is the young vibe they are looking for. Millennials who are single and have a career want to enjoy the time of their single lives with friends and love hanging out together. As some research shows, many Millennials who are ready to settle down and start their families are eager to have a house they can call home. Most of these are working professionals starting a new chapter in their life, and they want to make this new chapter memorable by purchasing their first home.
Both of these generations, the Baby Boomers and the Millennials are driving the rental market crazy, but they are also driving the home buying market to have more inventory because they want to own a home too!
Treasure Valley Real Estate is on the rise because of the home buying generation. The low inventory is one of the reasons why the market is really hot in here! If you are thinking about purchasing your first home or want to upgrade to a bigger home in the Treasure Valley Idaho, Call Deslyn O’Dell Today! (208) 941-7647 and I will help you find the perfect home.