When the Great Recession struck in 2008, the Millennial Generation was among the hardest hit. Caught in a plummeting economy characterized by enormous job cuts and limited new hiring, these underpaid and unemployed new-to-the-workforce folks didn’t have the economic wherewithal to move out on their own as previous generations did.
Many of those forced to take shelter under their parents’ roofs back then are now ready to stake their claim to their own places, according to a new study from Rent.com. But the Millennials, also known as Generation Y, are seeking households that are different from those of past generations, explains Al Goldstein, a multifamily investor and chief executive officer of Chicago-based private real estate investment trust Pangea Properties.
Read more...Millennials are ‘Renters Generation,’ Study Reports | Multi-Housing News Online