Millennial Now Being Referred to as “Generation Rent”
As the rising generation delays many life changing events, homeownership is included on that list. The younger generation has been hit hard by the economic hammer and is looking to other sources than home ownership as an indicator of success. Nationally, homeownership rates are at a 20-year low, ending 2015 with just 63%. This number is down from the previous year. How are these numbers affecting Middle Tennessee investment property owners?
Generation Rent Created
Paul Conway, President of Generation Opportunity, said, “They’ve (millennials) seen what their parents are dealing with, what their brothers and sisters are dealing with, in terms of being saddled with home values that are less than what was paid for.” He expresses concern that we may be witnessing a generation of renters.
As we have seen homeownership rates among this generation decline slowly, but steadily, many still have hope to own their own home “someday.” However, with difficult borrowing standards, this may be a seemingly impossible or very future dream.
Freedom to be Flexible
As a Middle Tennessee investment property owner, these figures work in your favor. As more and more of the rising generation are looking for the freedom to be flexible instead of tied down by a mortgage, they are naturally drawn to the lifestyle of a renter. As many of this generation are finishing up college, or looking to move to more stable and growth promoting career opportunities, being tied down to a home just doesn’t make sense.
With over 25 years of experience in the Middle Tennessee property management industry, Real Property Management Investor’s Choice serves as your local resource for Middle Tennessee property management needs. As the demand for rental units rises, our services rise to the occasion of helping property owners and investors enjoy their experience as Music City property managers without all the dedicated time and money headaches that can come with rental property.
Real Property Management Investor’s Choice assists Davidson & Williamson County property owners in finding the right rental properties, setting rent rates, advertising the property, screening tenant applications, leasing the property, maintaining and inspecting the property, and even assisting through the eviction process when necessary. Investor’s Choice is a full-service Music City property management company leveraging the resources of our corporate partner which has nearly 30 years of industry experience, 40k+ properties under management, representing $5B+ in assets. For more information on how you can benefit from their services, visit https://www.rpminvestorschoice.com./