Why Millennials Prefer Renting

Every wonder why millennials prefer renting? Whether to rent or own is a question many Americans have asked themselves at one point or another but millennials seem to already have this dilemma figured out and their reasoning makes a lot of sense. Unlike past generations, millennials are often bogged down with student loan debt, are focused on their career, value traveling, and don’t want the hassle of upkeeping a property and the hidden costs of homeownership.

Renting a condo or apartment allows millennials the opportunity to live in desirable and upcoming areas they might not necessarily be able to afford when considering purchasing a home. Furthermore, it allows this generation to seek their ‘dream job’ and travel to a different city without worrying about selling a home. Some developers are taking note of the desire to rent and are starting to build single-family rental homes and gated communities which feature all the amenities of a home without a hefty mortgage.

The changing face of declining homeownership is telling with the number of renters. In fact, in 2018, the number of single-family homes for rent hit a peak for the first time in nearly 40-years. In some areas of the country, prospective homeowners have to save for nearly 10-years for the often required 20% down payment.

If you are considering renting, take the uncertainty out of your experience. At Berkshire Hathaway Home Services John M. Brabham Real Estate our full-service leasing agents and property management team are specialists in every aspect of owning a successful rental property. We are dedicated to providing quality service to the Sumter, Shaw Air Force Base Community and surrounding areas for over 60 years. Whether you’re looking for properties for rent or houses for sale, our passion is helping you find the place of your dreams! Visit us online today or call us (803)775-1201.

Sources:

https://www.mymove.com/buying-selling/millennials-renting-works/

https://www.businessinsider.com/millennials-renting-homes-instead-of-buying-2019-7