Millennials Prefer to Rent
Renting is becoming more and more popular, especially for millennials in Marlborough and its surrounding communities. Recently, a thousand renters between the ages of 18 and 35 were surveyed to find out why renting is the lifestyle of choice for them. Understanding the minds of these prospective renters can help property owners attract this age group to their units and keep them happy in long term rental contracts.
- Millennials are not Handymen Yet!
A top reason for millennials to choose renting a home over purchasing is the ability to “call maintenance.” They have not yet acquired the maintenance skills it takes to fix problems around a house, and they know it gets expensive to hire a handyman every time a need arises. Renters revealed that they prefer to depend on their landlords to maintain and fix furnaces, appliances, water heaters and the like. So, as a landlord, you must be proactive and vigilant in tending to maintenance and repair issues. If you have neither the time or the inclination to take on this work, hire a professional property management company take care of your problems professionally. They have the resources for group discounts for maintenance supplies and equipment, creating an efficient, cost-saving solution for tenants and property owners when a repair is needed. Professional property managers also schedule regular inspections also help keep an eye on potential problems before they turn into bigger headaches with bad timing.
- Millennials Value Their Freedom
Many of the renters who were surveyed indicated that they didn’t think they would be making a home purchase anytime soon, even though most did not grow up in a rental situation. Renting allows them to remain more mobile for life changes like job relocation, relationship changes, dissatisfaction with accessibility to amenities, or even issues with neighbors. A mortgage is too big of a commitment, complicating all changes! If they are renting, they can just pack up and go, and that freedom gives them peace of mind. A professional property management company can guide landlords in creating win-win lease options for people in these situations.
- Millennials Like to Keep their Money Liquid
Another top reason given by renters for choosing to rent over signing a mortgage is that the bottom line cost looks generally cheaper. Even though renters know they aren’t building equity with property ownership, they perceive renting to be less expensive than a monthly mortgage payment. They would rather leave more money in the bank for more immediate things like food and utilities, and entertainment.
Property managers in Marlborough and the surrounding communities assure us that the population of renters is not declining. People are always going to be looking for that perfect home in just the right neighborhood where they can put down some roots at least for a while.
Hire the professionals at Real Property Management Metro Boston to handle all your rental property requirements. They understand both sides of the rental market and can expertly guide all your transactions, from maintenance to leasing. You can trust them to manage turnover while respecting your investment and cash flow, keeping both you and your tenants happy and worry-free.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
