While some Canadians have been caught in an economic crunch that has forced many into renting rather than buying, others—millennials in particular—relish the apartment lifestyle. A Goldman Sachs statistic backs up this premise, showing that 60 percent of millennials prefer to rent. Zillow, meanwhile, reports that they are the most willing to move into an apartment building.
Previously, rentals were widely regarded as a temporary solution until homeownership. However, with the shifting demographics among millennials, rental communities are becoming a more diverse and permanent option than ever before.Those ages 18 to 35 are a generation of renters for several reasons. Renting speaks to two of the top values of millennials: flexibility and convenience. They appreciate the freedom to move on to new neighborhoods when their lease is up. Additionally, if any issues arise, they don’t have to be the ones to deal with home maintenance.
In addition, millennials were hit hard by the Great Recession of 2008 and 2009. They may see homeownership as risky, or it may be financially unrealistic for them at this point in their lives. They have larger student loan debt burdens than previous generations, and they may need or want to pay them down before they think about buying a home.
Smart property management companies and savvy landlords have taken note of the changing trends, and have been working to appeal to millennial renters as a key part of their market mix.
CLV Group manages more than 10,000 residential units across three core markets in Ontario and Quebec. These range from small walk-up and heritage-style buildings in downtown locations to luxury urban condo-style rentals such as LIV Apartments, and community high-rise buildings such as Stoney Creek Towers in Hamilton, Ontario.
And Hamilton, as of late, is a millennial mecca. According to a demographic analysis of the city produced by the Social Planning and Research Council of Hamilton (SPRC), millennials are now Hamilton’s largest generation group.
The study also found that millennials — attracted by Hamilton’s quality of life, historical character, arts, culture, access to nature, lower housing prices than Toronto, growing emphasis on sustainable transportation, and growth of employment networks–to be “a major driving force of Hamilton’s renaissance” and new optimism.
Located in the Stoney Creek community of Hamilton, Stoney Creek Towers is a sizeable property with four buildings comprised of studio, one, two, and three bedroom apartments. The property features a panoramic view of Lake Ontario and is in close proximity to the rest of the action in the city.
Residents enjoy a quick walk to parks, shopping, and community centers, and the property is minutes to major highways and bus routes for an easy commute to work and downtown.
Perhaps even more importantly, CLV Group, which manages Stoney Creek Towers, focuses on community involvement by working with various local and national charities such as the Boys and Girls Club, Habitat for Humanity, Dragon Boat and more.
The goal is to help build a stronger community by supporting initiatives that directly impact the people that live there—a value near and dear to the millennial heart.