Millennials will shape the future of your rental business and here’s why:
The millennial generation, or Generation Y, is the generation born in the 80’s and 90’s and they make up about one-third of the population. As a millennial myself, I can tell you we grew up during the birth of technology and we’re generally known as the ‘on-demand’ generation. Meaning we want what we want, and we want it now.
Millennials are coming of age when it was once thought purchasing a home defined the “American Dream” but that’s seemingly not the case for my generation. A recent report by the National Association of Realtors (NAR) suggests that the number of first-time homebuyers has reached its lowest level since 1987!
So what does this mean for your property management business and why is it important? It means we’re not buying our first home until much later in life and as a result, we’re taking the rental market by storm.