Millennials(ages 21 34) dubbed as the generation of renters,
have contributed to the rental market significantly over the past
few years as they left the nest to live in the city closer to work
or public transportation.
In 2014, the U.S. Department of Housing and Urban Living, and
they came up with a decline over 1% of vacancies in the rental
sector. However it is speculated that this is about to change in
the coming years as this generation reaches maturity.
Critics are skeptical of these young professionals because of
the nightlife, easy access to transportation, and a closer commute
to work a city apartment would provide, but an analysis from
realtor.com has proven that they are migrating to home ownership.
This past august, 65 percent of millennials have view websites and
apps for homes, and in a focus group, it was proven that they are
70 percent more likely to buy a home than the average adult (ages
34+). In our previous blog, we reported strong home-buying activity
in August- partially due to Millennials seeking affordable housing.
Also, from July, the first time home-buyer rate jumped almost 5
percent.
Millennials have proven their worth as being the group to
succeed in the job market when the recession hit, and they are
working hard to build credit and a new worth. They are now entering
a time in their lives where their futures are in mind. Those who
dismiss Millennials as a generation of renters are sorely
mistaken.