Multifamily properties have a lot of appeal for millennials. This makes it a great time to own multifamily investments. Today, we’re explaining why the millennial population is made up of excellent tenants, especially for your multifamily property.
Slower Growth, Different Dreams
This younger generation is growing up slower than previous generations. If you go back and think about earlier generations, our grandmothers were married at 18. Today, 18 year olds aren’t getting married. They go to college and then they go into the workforce and try to build a career. Women and men will do that and have kids later in life. My generation – Generation X, did it a little earlier, and now the next generation is going even slower. It’s smarter, but slower. They aren’t looking to buy a house right away. They are looking to rent instead. They are happy renting.
Impact of the Housing Market
Many of these millennials grew up during 2008. They have seen foreclosures and they have experienced the financial world crumbling from mortgages. Many of them are scared of mortgages because they have seen their families suffer. They have seen subprime loans and the damage these things can do. They don’t have the same American dream that other generations had. Because of that, they are able to rent and they are happy to rent for longer periods of time.
Preference for Experiences
Millennials are about experiences. As kids, my generation was into name brand clothing. These kids today don’t care about material possessions as much. They care about experiences. They want to rent and have more experiences. They’ll work less and have more experiences. Older people often talk bad about this, but every generation is different, and I don’t think there’s anything wrong with the way millennials are doing it,
If you’re an owner or an investor looking to get into the multifamily business, know that it’s a good time to invest in these properties. You’ll have a lot of renters for a long period of time. Think about it, and if you have any questions, contact us at Real Capital Group. We’d be happy to talk to you about Albany property management.