Pew Research shows that millennials are now the largest living generation. However, out of all the Americans under the age of 35, only 34 percent of them own a home. These statistics put homeownership at an all-time low, which means Plano property management is changing. Millennials don’t want to be tied down to a mortgage because they are finishing college, chasing career opportunities, or they just want more freedom to be able to travel whenever they want. So, they’re renting instead of buying.
Learning from Experience
Many millennials saw their parents or relatives lose their homes or financially suffer in the housing market crash of 2008. This dispelled the myth that a house can keep your money safe in the long-term. While the majority of baby boomers rushed out to buy a home the minute they could afford it, millennials aren’t in any rush to begin a mortgage payment because their fears of what could happen outweigh the benefits of homeownership.
What Millennials Want from Rental Property Management in Dallas
Since those in the millennial generation are now waiting to get married in their 30s instead of their 20s, most have reached the age where they want the family lifestyle and atmosphere that a home brings, along with a family friendly neighborhood. So they’re leaving their tiny, cramped apartments behind and renting out single-family rentals just like yours in Plano property management. They can enjoy more space and the benefits of a yard without being tied down to a hefty mortgage payment every month.
Now’s the Perfect Time to Invest in Rental Property Management in Dallas
Put more money in your wallet and free up your spare time by purchasing a single-family home for those millennials to rent out. Take it from the experts at Specialized. We’ve been in the Plano property management business for over 25 years, and we know this trend is good news for you as the landlord. Put us to work for you, and we’ll handle the day-to-day operations of your rental home while you reap the benefits. Give us a call today!