New Generation of Renters Part 2: Millennials


Who are Millennials? : roughly a person born in the 1980s or 1990s

  • There are about 80 million or about 25% of the population

  • 35% of Millennials are self-employed

  • Gadgets and the latest amenities are top priority

  • Convenience is key

Millennials no longer live by the conventional wisdom that once you have financial resources, you should buy a home and start building equity. Some reasons why:

  • Desire for flexibility and mobility

  • Value experiences over material possessions

Mortgage Professional America reports that homeownership among those 35 and younger has fallen from 43.6% to 35.9% in the last 10 years.

Millennials are just looking to have their slice of the “American dream” while maintaining their freedom and flexibility. They are finding the best of both worlds in single-family rentals. Gone are the days when the two options were to live in an apartment or buy a house. By renting a single-family home, millennials get beautiful neighborhoods, a yard and a two car garage, but can pack up and move fairly quickly if needed.

No matter what the reason, it's pretty clear that renting is becoming the popular choice.