As the rising generation delays many life-changing events, homeownership is included on that list. The younger generation has been hit hard by the economic hammer and is looking to other sources than homeownership as an indicator of success. Nationally, homeownership rates are at a 20-year low, ending 2015 with just 63%. This number is down from the previous year. How are these numbers affecting Grand Rapids investment property owners?
Generation Rent Created
Paul Conway, President of Generation Opportunity, expressed concern that we may be witnessing a generation of renters when he said, “They’ve (millennials) seen what their parents are dealing with, what their brothers and sisters are dealing with, in terms of being saddled with home values that are less than what was paid for.”
As we have seen homeownership rates among this generation decline slowly but steadily, many still have hope to own their own home “someday.” However, with difficult borrowing standards, this may be a seemingly impossible or very distant dream.
Freedom to be Flexible
As a Grand Rapids investment property owner, these figures actually work in your favor. As more and more of the rising generation are looking for the freedom to be flexible instead of being tied down by a mortgage, they are naturally drawn to the lifestyle of a renter. As many of this generation are finishing up college or looking to move into more stable, growth-promoting career opportunities, being tied down to a home just doesn’t make sense.
With over 25 years of experience in the Grand Rapids property management industry, Real Property Management Investment Solutions serves as your local resource for Grand Rapids property management needs. As the demand for rental units increases, our services rise to the occasion of helping property owners and investors enjoy their experience as Grand Rapids property managers without all the dedicated time and financial headaches that can come with rental properties.
If you are interested in having your property managed by Real Property Management Investment Solutions, have more questions, or just want to speak to one of our team members, then contact us online or call us directly at 616-419-8880 today!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.