Research by the Bipartisan Policy Center highlights the changing demographic among eligible renters. The report shows that trends favor landlords, both short and long term.
Although they are more likely to be college educated than previous generations, continuing economic trends have caused nearly half of all echo boomers to move in with family and friends in an attempt to save money and avoid descending below the poverty line.
Many have never left home to begin with.
Those seeking a rental with a lease of their own often have price as their primary concern. The demand for affordable apartment rentals will likely continue to grow as the next generation matures into adulthood.
Credit card debt and student loan are two reasons that members of this millennial generation are ditching the possibility of becoming home owners and looking for apartment rentals in larger numbers. Rental vacancy rates have been going down for a couple years, while rents have been increasing.
The research indicates that renting from a community in an ideal area can impart a feeling of freedom and flexibility that doesnt make renters think that they are throwing their money away by not buying, which may result in their remaining renters for a longer period of time.
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