There’s no denying that millennials are about to make up the largest adult generation in the United States. That is, if they haven’t done so already. After all, it’s estimated that there will be 73 million millennials in America by the end of 2019. This will surpass the baby boomer generation, which has declined to 72 million.
Adding to this, millennials continue to face challenges when it comes to buying a home of their own. This is even true for those that are well into their thirties, have established careers, and are ready to settle.
Because of this, millennials and renting go hand in hand. And as a property owner in Atlanta, GA, it’s crucial you understand that millennials are still looking to rent more than ever.
But more than that, it’s important you understand why millennials are renting. This way you can cater to their needs and make long-term tenants out of them.
Top Reasons Millennials Are Renting in Atlanta, GA
1. Home Ownership Is Bleak for Many
On average, millennials need to save about 5 years’ worth of their annual pay to afford a down payment on a home. That’s because according to Zillow, the median cost of a home in the United States is $229,000.
And that’s not even considering the price of new homes, which have a median cost of a whopping $328,400.
Plus, everyone knows that banks have cracked down on loan approvals, making it harder than ever to buy a house. Add this to a poor credit score, a load of debt, and zero equity, and you realize that renting makes sense.
Needless to say, millennials continue to struggle with securing down payments. Not to mention, covering the mortgage presents a new challenge that many millennials decide is not worth the stress. That’s where renting an investment property such as yours comes into play.
2. Some Millennials Prefer to Rent
Believe it or not, some millennials that can buy a home don’t because they actually prefer to rent instead.
Here are some of the top reasons why millennials like leasing rental properties:
- Large homes for sale are not appealing to millennials seeking smaller homes
- They prefer to skip the ‘starter home’ phase and instead save for their forever home
- Those leaving their parents’ homes aren’t ready for home buying
- Finding a community that fits their lifestyle is easier with the flexibility of renting
- Millennials are on the hunt for luxury features that only rentals can provide
As you can see, some millennials are changing the American dream of owning a home into something entirely new. And for you and your Atlanta rental property management, this is good news.
3. Increased Debt Puts Home Buying on Hold
Remember, millennials make up the largest adult population in the country. Because of this, there are millions of adults vying for the same jobs across America. When competition rises in the workforce, many people are forced to further their education to get ahead. And this includes millennials.
Because of the staggering debt millennials continue to accumulate thanks to school loans, many continue to reconsider home ownership and rent instead.
4. Rentals Are Appealing
We mentioned above that millennials are looking for luxury living. But beyond that, they are looking for hassle-free living that doesn’t involve the costs associated with home ownership.
After all, as a homeowner you’re responsible for things like maintenance and repairs, insurance premiums, HOA fees, property taxes, and all utilities. This can become quite costly, despite having a low mortgage (which isn’t guaranteed either).
Because of this, millennials like the idea of renting because of things like:
- Covered parking or garages
- Attached yards
- Pools and fitness centers
- On-site maintenance and repairs
- Large common areas including dog parks
- Professional landscaping services
- Incentives such as free cable
Lastly, millennials love the idea of being able to follow the local hotspots. They want to be near all the hottest places in town. When you buy a home, this isn’t always possible. But leasing a rental means making a move is a lot easier if a location goes dark and a new hotspot merges across town.
5. Atlanta Rental Property Management Does It All for You
It’s not enough to live in a rental property that’s in a great location and has luxury amenities. In fact, one of the biggest draws of leasing is the fact that property management companies handle everything for you when you’re a tenant.
Besides having to care for the property as a respectful tenant and pay rent on time, there isn’t much a tenant needs to do in a rental besides live. For instance, the property manager collects and records all rent payments. A professional contractor handles all maintenance and repairs free of charge. And things like fresh coats of paint, carpet replacements, and professional landscaping are not your problem.
So, while you’re busy trying to increase the value of your Atlanta, GA rental property, your current and future millennial tenants are reaping the reward.
If you ask a millennial renter, they’ll likely say it’s a pretty great life when you have a good property manager.
Are you looking for qualified Atlanta rental property management companies to help you appeal to millennial renters?
If so, now is the time to start looking for a property manager that not only helps you maximize your ROI but satisfies your millennial tenant’s desire to continue renting.
When you get in touch with Atlantic Property Management, we’ll show you how property management services can benefit you. From tenant screening to rent collection, and routine property inspections to maintenance and repair services, we take care of everything your millennial tenant wants us too plus some.
So, contact us today and see just how easy it is to lease your property to a millennial that’s on the lookout for the perfect rental. After all, it’s our job to understand why millennials will rent from you, so we can set you up for success from the start.