‘boom! ’ goes the rental market

It’s that latter group of Americans renting by choice with which Gebhardt identifies, and she believes it goes far beyond economics. “A lot of people talk about millennials not buying

properties because they prefer a nomadic lifestyle and they value experiences over things. But that resonates a lot with me, too,” says Gebhardt, who travels frequently for work. And she

says she’s never felt compelled to “buy into a 20- or 30-year property commitment.” Besides, her definition of success is a lot different than that of previous generations. “There is a new

normal in the U.S. across generations, especially when it comes to homeownership. It’s no longer the case that you have to be married by age 27, have a kid by 32 and buy a home by 35. I

don’t think those are the rules anymore,” Gebhardt says. “In fact, I just don’t feel that homeownership is the definition of the American dream. But if you want to, you may choose to buy

your first home when you’re 60, and I don’t think that’s counterintuitive anymore,” she adds. “It’s not about having things the way your parents or grandparents had them. I can’t base what

my success in life is on what past generations defined as success.” As for her present personal situation, Gebhardt feels fortunate to have what she considers a nearly perfect living

arrangement. Her flat has a garage, a backyard and a western-facing deck. “From a distance, you can see a peek of the Pacific Ocean and the [San Francisco] Bay. It’s not fancy, but it is

very peaceful and quiet.” No wonder, then, that she’s at peace with her decision to stay there for so long as a renter. And unlike most tenants nationwide, Gebhardt has been afforded the

flexibility to fashion her living space into her own style and preferences. She’s even painted her residence and put up new fencing. “I love the space, and I take care of it as if I’m an

owner,” she says. “It is truly my home.” Still, Gebhardt acknowledges that there are some drawbacks to renting. “The main downside,” she says, “is that you’re always worried that something

could happen to the building that you don’t have control over.”