Urban Renters: Who Are They

They passed boomers to become America’s largest generation, Gen-Yers, now 15 to 32 years

old will dominate and define residential demand for real estate as did the Boomers before them.The Urban Land Institute commissioned an online survey to discover their preferences

 because this next waves needs is mandatory knowledge for owners and buyers of real property.  About 4.3 million Gen Yers turned 22 in 2010 and will exceed 4.5 million in 2012 and 2013. For at least ten well over 4 million Americans will turn 22 each year, producing solid apartment demand. Whether they will hold a bias towards rentingover ownership remains to be seen. The survey indicates ownership is still desirable for Gen Y. 

Renting can provide more flexibility e and lower costs than owning. So certain households are more likely to rent than own, including young singles starting out, families relocating to a new metropolitan area, recent immigrants to the United States, and low-income households

such as a change in job or marital status, short term commitments that allow people to move on in times of uncertainty.

Rental housing can be a good option if you expect to move again within a few years. Buying and expecting to sell, may find you a reluctant landlord. 

Consider the strength of immigration. The arrival of young foreign-born households has added to the renter pool and although its slowing now due to low job growth, It will continue to add demand and help keep the rent rates trending up. 

 

 As the baby boom population ages and their children leave home, some will opt for moving out of their homes and into apartments. Not wanting the cost and obligations of home ownership they are choosing the mobility that comes with renting. Expect a lot of retirees coming back into citys for easy access to theater, communtiies of like interests and some excitement not readily available in the suburbs.

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