As the rising generation delays many life changing events, homeownership is also on the list. The younger generation has been hit hard by the economic hammer, and is looking to other sources as an indicator of success. Nationally, the homeownership rates are at a 20 year low, ending 2014 with just 64%. How are these numbers affecting Dallas property managers?
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 the 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 dream.
Freedom to be Flexible
As a Dallas property manager, 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 on 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 property management industry, Specialized Property Management serves as your local resource for Dallas property management needs. As the demand for rental units rises, so do our services rise to the occasion of helping property owners and investors enjoy their experience as Dallas property managers without all the time, excess money and headaches that come with it.