With the rental market still in recovery mode since the recession real estate managers are wondering when the biggest traditional source of new households - Millennials - will be returning to the market in a significant way. Millennials, those born after 1980, have been hit hard by the economic downturn and there are fears that, having been burned financially in recent years, they are either unable or unwilling to rent. Those who ran to their parents’ nests during the recession potentially represent a significant source of available revenue for the apartment industry. The trick however, is getting them to leave home, somewhere that has the advantages of being cheap, cozy and convenient.
The financial downturn prompted a reversal of the long-standing trend towards moving into rental accommodation. According to reports in the Washington Post the rate at which Americans set up their own homes was cut by more than 50 percent.
Read more...The Boomerang Generation - Are they ready to rent? - Multifamily Blogs