Condos/Apartments in the age of Millennials

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Condos/Apartments in the age of Millennials

Thomas Giganti
Investor · Damascus, MD · Member since 2016 · 53 posts · 10 votes

Happy Saturday to all!

As I was completing some chores around the house today, my mind wandered to real estate (as it often does). I thought I'd pose the question to the community to get some feedback. In the new age of millennials who seem to not be ready to buy houses, want convenience by living near town centers and nightlife, do you all see condos/apartments becoming a better investment opportunity? I've invested in town homes which has worked well so far but I see so many condos/apartments being built around the DC metro area that it has me wondering if this is the new trend or overpopulation at it's finest? 

Moreover, I've read through some of the post on this site and talked to others who tend to put owning condos/apartments in a negative light. Would love to hear people's thoughts on the subject and whether you think this is going to be more the norm because of this new age group?

Thanks!

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  • Ron Orr
    Bloomington, MN · Member since 2009 · 107 posts · 30 votes
    9y
    Articles say they live at home. We know they use uber. And other articles say they have $1000 saved
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  • Andrew Carducci
    Buffalo, NY · Member since 2016 · 13 posts · 4 votes
    9y

    Hi Thomas,

    While this appears to be a continuing trend the biggest issues with condos and town homes are the associations.  You never know when a special assessment will come up that may wipe out a year or more of cash flow.  I've only ever rented condos in Toronto, Canada but I know there it was not common practice to bill the tenant for special assessments. I've heard of a bigger pockets member that owned apartment buildings and also directed the association that managed the grounds.  That's one way to go around it! 

    I personally would shy away from condos but I'm sure there is money to be made if done properly.

    Best of luck!

    Andrew 

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    9y

    I own multiple condos.

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  • Account Closed
    Rental Property Investor · Torrance, CA · Member since 2016 · 724 posts · 1k+ votes
    9y
    As a millennial I can tell you that the general consensus with my age group is that living near the city center is better than the burbs. Most of us would rather live in an apartment in the city, and maybe upgrade to a townhouse when we start a family. Not all but most people I know my age have no plans of moving to the outskirts. I know a lot of young people with kids living in apartments that could afford a house if they were willing to drive 50+ miles to work. We pay more but I'm not sitting in traffic 3 hours a day. I'm seeing this trend all over the country, even in the Midwest. Lots of neighborhoods that used to be war zones getting gentrified by millennials.
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  • Mark S.
    Real Estate Investor · Saint Paul, MN · Member since 2017 · 543 posts · 474 votes
    9y
    We have invested in several condos in an area that is especially attractive to the millennials. Easy to rent, easy to maintain. And a great property manager. I see the association as a plus in this situation since we have very little actual property management work. Easier than our SFRs.
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