One of life's greatest milestones is the purchase of your first home. But for many millennials, that milestone may be left unaccomplished. Dealt a rough economic hand, millennials are on the of the first generations to earn less than the generation of their parents. Home ownership is at a 20-year low.
For property owners, this statistic may work in your favor. For 20-somethings not looking to be tied down to a mortgage, renting an apartment is the way to go. Considering how unstable the job market has been lately, renting also provides millennials an easy out should they need to move for work. Being tied to home ownership just isn't an option for many millennials.
Demand for rental units is rising. Take advantage of these trends and tailor your property toward millennial needs. High quality gyms, dog parks and smart technology will all attract such tenants - and keep them around, as long as the job market allows it!
- Scott Safadi, Cal Bay Property Management
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