An article appeared on RIS media’s website stating Renting is less affordable than buying – except for where Millennials are moving. In recent surveys published by various companies, many speculate the trends for 2015 and the big question is what are the millennials looking for. Many companies focus their attention to catering to this growing demographic. At NBM, we are no different. Here are a few things that we have learned:
1. The number of Millennials as a demographic is large.
2. They are not as mobil as everyone believes them to be.
3. They are just starting to leave their parents’ basements.
4. They rely on mobile technology but still prefer to use of the old fashion phone to connect.
5. They are smart and realize saving 3.5% vs. 10% as downpayment will be more expensive.
6. They are picky.
These things and a few other things lead us to believe that the rental market will continue to see low vacancy rates. Although, we don’t believe that rents in our local area will go much higher than it is right now. The national average for rents increased 6% in the last year. We anticipate seeing some increases that will flatten as 2015 goes on. Read the article and let us know what you think. The link to the full article is attached.