According to a new survey from Apartment List, more millennials plan to rent not just in the short-term, but forever. What are the reasons behind this change in housing choice? And, how can you leverage the trend to fill your property with high-quality tenants? Keep reading for the details that can help you grow your rental property ROI in 2021 and beyond.
Rent vs. Buy: Understanding the New Trend for Millennials
Housing prices continue to climb steadily, and the twenty-something crowd desires flexible housing options. That's why more and more millennials are turning to rentals instead of home purchases. Affordability is the primary reason. While some in this age group may eventually purchase a home, many say they plan to rent indefinitely.
The biggest obstacle to home ownership is the costly down payment. Financial burdens like student loans, high living costs, and other economic struggles make purchasing a home more complicated than it was for previous generations. Still, other Millennials aren't interested in purchasing a home at all. They prefer the flexibility of renting. There are fewer maintenance expenses associated with rentals and less overall responsibility. This makes renting appealing to busy people who are trying to establish careers and begin families.
Choosing Life in the Suburbs Instead of in Metro Atlanta
Another trend relevant to local property owners is the fact that people are moving out of Atlanta and into the suburbs. As people learn to live the new normal during the COVID-19 pandemic, they find suburban life more appealing. Less crowding makes it easier to enjoy life while adhering to social distancing guidelines. According to the Washington Post, COVID-19 has been a catalyst for people from all generations, especially Millennials, to move out of metropolitan areas.
The perks of city life are waning due to business closures and social distancing. People believe they can experience a better quality of life in the suburbs. Other contributing factors include a lower cost of living and better public schools.
How to Leverage the Trends for Your Alpharetta Rental Property
Now is the time to make sure you reach all of the best potential tenants seeking optimal renting opportunities in Alpharetta and surrounding communities. At Vineyard Property Management, we have the streamlined solutions in place to help you find the cream of the crop to fill your properties. Our in-depth screening and vetting process enables you to attract and maintain the right renters for your property, reducing your risk and maximizing your profit.
Connect with us now to get a free rental analysis and property management quote for your Alpharetta property rental. Our experts are here to give you peace of mind and a more secure investment by connecting you with Millennials renting instead of buying as well as other ideal tenants.