Millennial Generation 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 Chicago 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 Chicago 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 Chicago property management industry, Real Property Management Chicago serves as your local resource for Chicago 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 Chicago property managers without all the dedicated time and money headaches that can come with rental property.