The Local Landscape: Apartments, Affordability & Changing Lifestyles
- May 26
- 4 min read
Apartments are a big part of how communities change and grow, but most people rarely get a behind-the-scenes look at how multifamily housing actually works day-to-day.
We recently joined a Zonda webinar on national apartment trends, then spent some time talking with Susan Keller–co-owner of Local70 and owner of Rampart Property Management–about what those trends look like on the ground here in North Carolina.
Susan manages properties in places like Chatham and Lee Counties, so the conversation quickly moved beyond charts and market data. Some of what Zonda presented aligned closely with what she’s seeing locally, while other trends sparked a broader conversation about how renter expectations and housing decisions are evolving in North Carolina.
Millennial Life Stage Clock
One part of the Zonda presentation that stood out was how differently younger generations are moving through major life milestones compared to previous generations.
People are waiting longer to buy homes, start families, and settle into one place long term. At the same time, Gen Z is just beginning to enter the rental market in a meaningful way, which means demand for apartments likely isn’t slowing down anytime soon.
One statistic that stood out: the median age of a first-time homebuyer is now around 40 years old–significantly older than in past generations.
While the presentation focused heavily on delayed homeownership and shifting demographics, our conversation with Susan broadened into how people are approaching housing decisions differently overall. The discussion wasn’t really about people “delaying” their lives so much as prioritizing flexibility, lifestyle, and timing differently than previous generations did.
Question for Susan: What do residents seem to care about most today when choosing an apartment community?
Location is still the biggest factor when people choose an apartment community. Even with more residents working from home at least part-time, people want to easily utilize the amenities and experiences offered by the surrounding area. Walkability, connectivity, and access to shopping, dining, entertainment, and recreation remain major priorities.
After location, affordability, overall living experience, and value remain major priorities. Renters today are highly strategic, comparing not just monthly rent, but also price per square foot, available storage space, customer service, and the total value that a community provides. We're seeing many residents prioritize the best overall choose combination of quality, convenience, and value — even if that means passing on the newest or most high-end property.
Renters are Staying in Place
Another interesting discussion centered around how much harder the transition from renting to homeownership has become for many people.
Higher home prices, interest rates, and down payment requirements are all part of that, but the presentation also pointed out that many residents are choosing apartments because they like the convenience, location, or overall lifestyle.
One thing that came through clearly: residents today are paying attention to design, amenities, and how a community actually feels day to day — as well as square footage or price.
Question for Susan: Are you seeing residents stay in apartment communities longer than they used to?
Yes, we are seeing residents stay in apartment communities longer than they have in the past, even in the fast-growing “halo” communities surrounding Raleigh where renters have plenty of housing options to choose from. Historically, we have used a 50% renewal rate as our benchmark when budgeting, but since January 1, 2026, our renewal rate has exceeded 60%. That tells us residents are placing a high value on stability, convenience, economy, and the overall living experience our communities provide. While previous generations often viewed homeownership as a major life milestone, many people today are prioritizing flexibility, experiences, and financial freedom instead, and seem to no longer perceive owning a home as an essential part of their life plan.
Fewer Homebuyers Transitioning from Multifamily Housing
Another part of the discussion focused on how apartment living itself is changing. As more residents stay longer and treat apartments as long-term housing rather than temporary stops, expectations around community, amenities, and day-to-day experience are changing too.
More people are renewing leases, staying in place longer, and treating apartment living as something more stable than temporary. Part of that is economic, but part of it also seems tied to people wanting consistency and a stronger sense of home and routine.
That changes how apartment communities operate — and how residents experience them.
Question for Susan: What's something people often misunderstand about apartment communities?
People often assume apartment communities negatively impact nearby property values or increase crime, even though the data generally does not support those concerns. In our experience, thoughtfully planned communities that include a mix of housing types — including apartments and townhomes — often strengthen property values and create more vibrant neighborhoods. Not everyone wants or can afford homeownership, and quality rental communities provide an important housing option with flexibility and convenience. Apartment communities are home to people from all walks of life, including teachers, first responders, families, and plenty of senior citizens as well.
Well-managed apartment communities foster a strong sense of community through resident events, shared amenities, and responsive customer service. This type of environment is something that, especially post-Covid, is incredibly valuable and needed. Many newer apartment communities offer amenities like pools, fitness centers, and collaborative workspaces that rival or exceed those found in some single-family neighborhoods — without additional membership or HOA fees.
Wrapping Up
One thing that became clear during our conversation with Susan is that apartment communities are no longer viewed by many residents as short-term or transitional housing. For a growing number of people, they’re an intentional choice tied to convenience, flexibility, financial priorities, and lifestyle.
As communities across North Carolina continue to grow, those changing expectations will likely play a major role in how housing is planned, managed, and experienced in the years ahead.
