Wednesday, December 4, 2019

New Study Reveals Millennial Rental Habits

The Silicon Valley housing crisis is no secret. Experts, philanthropists, and some of the world's top business leaders are working to find solutions to the area's affordable housing challenges. A new study reveals more of what many locals already knew: when it comes to owning a home, San Jose Millennials are among the nation's most pessimistic. One in five believes they'll rent for the rest of their lives. 

While the results of the study aren't exactly surprising, they are illuminating. The largest barrier to homeownership is the hefty down payment required upfront. Bad credit is also a challenge, especially for Millennials of color. The study concludes that only 25 percent of surveyed Millennials will be able to afford a down payment in the next five years. 

The result of this unfortunate trend, at least for the foreseeable future, is plenty of renters. Property owners considering renting out their homes, condos, and apartments will find no shortage of people lining up to fill vacancies. If you decide to get into the rental game, be sure to hire an experienced property manager to handle the details - while are residents may indeed be eager for apartments to lease, they can also be more demanding than many new landlords anticipate!

-- Scott Safadi, Cal Bay Property Management

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