Bankier Apartments: Flexible Living Options Preferred Among Recession Generation

NEW YORK, NY, August 24, 2012

Bloomberg reports that members of the "Recession Generation" are opting to rent when it comes to large purchases like cars and homes. The article asserts that members of this generation "are wary about making large purchases after entering adulthood in the deepest recession and weakest recovery since World War II." Bankier Apartments understands this hesitation and is working to provide renters with comfortable accommodations that fit their lifestyles.

According to the article, some of the factors that have lead to higher rental rates include an unemployment rate of over 8 percent since 2009 and student loan debt of approximately $1 trillion. Whereas students who graduated from college years ago were prime candidates for the most competitive jobs, students graduating into today's economy are fighting for employment.

Cliff Zukin, who teaches public policy and political science at the Edward J. Bloustein School of Planning and Public Policy at Rutgers, believes that the economic landscape has shaped the attitude of the Millennial Generation. "This is a generation that is scared of commitment, wants to be light on their feet, and needs to adjust to whatever happens," Zukin asserts. "What was once seen as a solid investment, like a house or a car, is now seen as a ball and chain with a lot of risk to it."

Bankier Apartments responds to this emerging attitude in a recent press statement: "Renting an apartment or a home is much more financially feasible than purchasing one for today's younger population. Students, recent graduates, and young professionals are all facing economic hardships. Strapped with student loans and faced with limited job possibilities, many of them are simply unable to purchase a home--and if they are financially capable of making a down payment and monthly mortgage payments, they may not want to take the risk because they have seen how quickly the housing market can crumble."

Bankier Apartments notes that the article highlights other areas in which consumer behavior is fueled by this reluctance to commit. From renting designer clothing instead of buying to renting vehicles instead of purchasing them, there are other areas in which Millennials are reluctant to invest a great deal of money.

As the economy continues to heal, and the Recession Generation ages, it will be interesting to see how the experiences through which members of this generation have been will affect their long-term financial practices.

ABOUT:

Bankier Apartments provides renters with a diverse catalogue of floorplans at a variety of sizes and prices. As such, Bankier Apartments is able to cater to the needs of University of Illinois students, who turn to this complex when looking for alternatives to on-campus dorm rooms. Bankier Apartments provides the privacy and lifestyle that dorm living cannot, and as such is a popular choice among students looking for their own apartment.

Website: http://bankierapartments.net