We’ve all heard it – “the Millennial renters will soon make the leap to purchases.” The real question, though, is “when will these renters take that step?” How can we separate long-term renters from short-term renters?
From leasing over 220 apartments in 2015 to working with a management company owning 2,000+ units, we’ve noticed a trend – Millennial renters coming to the realization that the dream of owning may be a bit further than they had initially thought.
With that in mind, we’ve compiled a short list of four important elements of Millennial renters, which can help agents prospect and convert renters to buyers.
4. Millennial renters are worried about rent renewal increases. As many renters are aware, landlords often increase rent year over year. When signing a lease with potential tenants, the question of “how much will my rent increase next year?” seems to be the main concern for many Millennial renters. This year more than ever, our tenants have placed an emphasis on staying in their current apartment until they can afford to purchase or are moving to another apartment.
Renters are looking forward with the mindset of how will rent increases impact their ability to purchase in the near future. If rent increases, their first choice is to look on Craigslist for roommates to bring down expenses or move to another apartment in a slightly cheaper neighborhood. With social media playing a significant role, it is even easier to find sublets & roommates.
Not only do renters worry about rent increases – they also worry about job security and salary. Millennials starting a new career do not have the salary necessary to purchase or enough money saved for a down payment. Top that with student debt, medical bills and roommates, and you have yourself a recipe for a longer-term renter.
To read the top 3 reasons click below.
- See more at:
https://chicagoagentmagazine.com/the-short-list-the-4-things-agents-need-to-know-about-millennial-renters/#sthash.4wVizW9e.dpuf
To discuss becoming a homeowner and or refinancing your loan today give The Easterbrook Team a call at 916-850-6050 or e-mail:
easterbrookteam@spmc.com
