Millennials who flocked to their parents’ nests during the recession are a huge source of untapped revenue for the apartment industry. The trick, however, is getting them to leave a place that is so cozy, convenient, and inexpensive.
Millennials, or Generation Y, already make up a notable portion of renters. Yet there is another wave of them, approximately 2.4 million strong, that is dancing on the peripherals of the rental market. Developers are pushing forward with construction plans, optimistically expecting that these young adults will soon form their own households. There are quite a few challenges that may further postpone, if not deter, the young adults’ entrance to the rental market.
Read more...When Millennials Leave the Nest | Multi-Housing News Online