Foxridge Collegiate Apartment Homes

750 Hethwood Blvd. 100G, Blacksburg, VA 24060
Call: (888) 532-1809 (540) 951-9302 Email Usinfo@foxridgeliving.com View Map
Opens: Monday-Friday: 9A-5:30P | Saturday: 10A-1P & 2P-5P | Sunday: 1P-5P

Apartment Homes Blacksburg, VA Blog

Millennials Are Renting in Virginia

Joseph Coupal - Monday, September 24, 2018

Foxridge apartments, Blacksburg, VAThe so-called Millennial generation is all about bucking tradition. They’re marrying later. They’re all in favor of nap rooms and ping pong tables in the office.

And they’re renting apartments instead of buying.

That’s not to say they don’t want to purchase a single-family home eventually:

A survey report issued by the National Association of Home Builders in January of this year showed that as many as 75 percent of those young Americans born into Generation Y do want to own their own home, and most (66 percent) want to do so in the bucolic (Virginia) suburbs.

They just don’t want to do it yet:

Another recent report — this, from the Urban Land Institute — found that a full half of Millennials rent their homes, a figure up markedly from the 37 percent of renters surveyed just five years ago.

But why?

Why are Millennials choosing to rent, and not buy?

Purchasing a home means acquiring more debt. The most obvious reason millennials are opting to rent is the crippling debt many find themselves with in their early 20s. According to the Institute for College Access & Success, 7 in 10 college students who graduated in 2012 have student loan debt. The average amount: a staggering $29,400 – and many others graduate even deeper in the hole. The amount of student loan debt has increased an average of 6 percent per year since 2008, and there is no sign of the trend stopping.

With student debt looming, it’s no wonder millennials favor a monthly rental check over additional mortgage debt. While mortgage payments can be more affordable than rent in some cities, recent graduates likely don’t have the funds necessary to make a down payment. Beyond having money for a down payment on a home, some millennials simply don’t qualify for a mortgage. Whether they are saving up for a down payment or choose to rent as a long-term housing decision, renting allows millennials to move out quickly without the immediate financial squeeze that comes with homeownership.

Apartment life is more affordable than owning a home. In addition to the upfront cost of a down payment and a mortgage, managing a house comes with a lot of additional costs: Homeowners must pay property tax, maintenance and repairs, utilities and perhaps even association fees on top of their mortgage. An apartment requires rent and utilities, which is much more manageable for a millennial on a tight budget.

To take advantage of apartment amenities. Many apartment complexes offer amenities such as fitness centers, pools, a concierge and on-site maintenance – perks that don’t usually come with your first home purchase. Though renting an apartment in a building that has luxury amenities can come with a bigger price tag, the features cut down on other bills. Instead of paying for a gym membership and rent, renters in these buildings can pay one price and get both. In fact, the idea of having access to amenities is so appealing to some young people that they plan to rent for a while.

To enjoy city life. Many young people choose to live in urban areas because they like the atmosphere. They can walk to grocery stores, take public transportation, find night spots easily, see live concerts and access great restaurants. Millennials drawn to the energy of metropolitan areas likely can’t afford to own a home there. If city living is a priority, they’ll sacrifice homeownership to get the location, and that means renting.

To maintain flexibility and freedom. Recent college graduates want to have the freedom to move around. They’re just beginning their careers and haven’t decided when and where to settle. For this reason, renting an apartment instead of moving right into homeownership is often the smarter choice. Young people can move for a new job or to simply try out another city without being tied down to a mortgage. Rather than settling down immediately after college, millennials are focused on finding the right job, a city that fits their personality and trying new things.

For more information on apartments in Blacksburg, VA contact Foxridge.

#HowYouLive

managementpros.com


Renting Can Help Improve Your Credit Score

Joseph Coupal - Monday, September 17, 2018

Foxridge apartments, Blacksburg, VAOn-time payments are a solid way to build your credit score. Your payment history constitutes 35% of your credit score – the largest contributor among the five factors used in calculating your score.

Payments on most debts are reported to the three major credit bureaus (Experian, Equifax, and TransUnion) for inclusion in your credit report, and credit-scoring systems use that information to calculate your credit score. However, one regular payment for many Americans is reported to credit bureaus in a purely negative fashion. When renters are late on payments or evicted, that information is typically reported to credit bureaus – but regular, on-time payments are not.

If your credit score needs a little extra boost – or if regular rent payments are about the only good thing you have to report – rent reporting services such as Rental Kharma, RentTrack, ClearNow, and Pinch are available to supply the credit bureaus with your rental payment history, so you can reap credit-score benefits. (Obviously you'll need to make on-time payments to see those benefits).

Some property management groups are already connected with a rent-reporting service, where all you need to do is opt in. Check with your landlord to see what options are available. Otherwise, you'll have to work with one of the services directly. Foxridge Apartments in Blacksburg, VA does report rent payments to credit agencies, thus helping tenants to improve their credit scores. In fact, all HHHunt properties report on-time rental payments.

As you evaluate services, check out the following:

Bureaus – Some services are linked directly with one of the three major credit bureaus. Others report to two bureaus, and a few (RentTrack, PayYourRent, and Pinch in particular) report to all three bureaus.More reporting of positive information increases the positive effect on your credit.

Fees – Services directly linked to a property management group, like PayLease or PayYourRent, may be free to you. Other fee structures vary from monthly flat fees to fees per transaction to variable charges based on your rent amount. Rent Reporters and RentTrack, among others, offer a potential quick credit boost by the addition of up to two years of past rental payment for a one-time fee.

Payment Logistics – What options do you have for payment? Are there options for linking to a debit/checking account or credit card? Does the reporting service require that you funnel rent payments through them, and if so, what are the timing and terms?

Service-Specific Details – Do you have to opt in to the service? How long should it take for rent payments to appear on your credit report? How is your personal information protected?

Landlord Requirements – Landlords may be required to verify your payments. Make sure your landlord is open to the responsibilities and verify with the rent-reporting company how any disputes with your landlord are handled.

Even if your regular rent payments are reported to the credit bureaus and incorporated on your credit report, your credit score may not be affected in the eyes of some lenders. There are several different score variations tailored for risk factors in specific industries.

To make the most out of your reported rent payments, ask lenders whether regular rent payments are included in your score. It may not make much difference, but every little bit counts when you are trying to get credit at reasonable interest rates in a competitive market.

For more information on apartments in Blacksburg, VA contact Foxridge.

#HowYouLive

globegazette.com


Millennials Are Moving to Virginia!

Joseph Coupal - Monday, September 10, 2018

Foxridge apartments, Blacksburg, VAThere are around 71 million millennials in America and in 2019 they are expected to surpass the number of baby boomers. That makes millennials a coveted generation for cities looking to bolster their workforce and tax base. Where millennials decide to move has enormous impact on local markets, from the cost of living to the type of food offered in your neighborhood.

Census Bureau data was used to find out where millennials are moving. To track millennials’ mobility, we looked at immigration and emigration data for 217 cities.

Key Findings

  • Old Dominion is popular – Virginia takes three spots in the top 10. In particular the southeastern portion of the state makes appearances in the top 10.
  • Big Apple no more – New York took the bottom spot on this list again. In particular residents seem to be leaving the city to venture into other states. In total around 69,200 residents moved to New York from out of state while nearly 95,000 left the Big Apple for another state.

The States Where Millennials Are Moving

4. Virginia

The South makes up most of the states in the top 10. The no. 2 ranking state is Texas, with a net influx of nearly 34,000 millennials, followed by Virginia which gained 18,300 more millennials than it lost.

For more information apartments in Blacksburg, VA contact Foxridge.

#HowYouLive

smartasset.com


Move-In Checklist for Renters

Joseph Coupal - Monday, September 03, 2018

Right now, as students, you might be in the midst of moving into your apartment in Blacksburg, VA. Below, we’ve listed some helpful tips for your big move! Now that you’ve prepared and packed all of your boxes, it’s time to consider the next step in the move in process. Check out these ideas to make your moving day less stressful and more exciting!

During Move In:

Watch the Packing Process: Even though your hired movers (or friends) may take the lead on moving your boxes, pay attention to where the boxes go in the truck. You’ll save yourself a lot of time in the long run if you oversee where boxes are placed.

Take a Walkthrough: Take one last walk-through of your vacated property to ensure nothing was left behind. Close all windows and make sure doors are locked and switches are turned off.

Organize Your Box and Furniture Placement: Make sure everything is placed in the proper room in your new apartment home. Tape each door with a descriptive label to assist your movers.

Unpack One Room at a Time: Once all of the boxes are in your new apartment, that’s when the fun really begins! Unpack one room at a time according to basic needs. Moving.com suggests starting with the kitchen first, since you’ll probably need counter space and appliances at some point during the week. Remember that you can take your time unpacking. Every box doesn’t have to be emptied on move in day!

Enjoy: Have a great first night in your new apartment! Make sure to stay hydrated, eat snacks, do a few stretches and take short breaks when needed.

We believe it’s how you live that matters and we’re so fortunate to have amazing residents who create lasting memories in our apartment communities. If you’re looking for a new apartment community, check out available apartments in Maryland, Virginia, North Carolina and South Carolina!

#HowYouLive



Foxridge Collegiate Apartment Homes

750 Hethwood Blvd. 100G, Blacksburg, VA 24060
Call: (888) 532-1809 (540) 951-9302
Email Usinfo@foxridgeliving.com
View Map
Opens: Monday-Friday: 9A-5:30P | Saturday: 10A-1P & 2P-5P | Sunday: 1P-5P

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