Forever Renters

Forever Renters

Never before in history has the real estate market been so elusive for our younger generation. Unless their parents have real estate holdings, many individuals will likely remain perpetual renters due to the unattainability of real estate purchases. Despite the challenging economic conditions, housing prices persist at elevated levels, showing minimal signs of decline. Steep interest rates compel prospective buyers to amass substantial cash reserves to meet qualification requirements. Moreover, the current economic climate hinders any meaningful savings, as low wages and soaring everyday expenses absorb the majority of our income. For young people, accumulating enough funds to afford a home seems nearly impossible.

Without delving into politics, the status quo suggests that unless there is a shift in leadership, our youth may be condemned to a perpetual rental lifestyle. Consequently, the rental market becomes a thriving arena. However, it is not without its challenges: issues such as squatters, exorbitant rents, hefty deposits, individuals staying put due to the prohibitive costs of relocation, diminished credit stemming from job loss, and the overall high cost of goods contribute to the complexity of the rental landscape.

A few statistics on our beloved renters: 

  • 26% prefer self-showings
  • 24% are actively searching for a new residence
  • 50% of applications prefer to complete their lease renewal electronically
  • 73% said they would not rent without physically visiting the home in person
  • 76% prefer to pay their rent online
  • 28% of renters desire using online access for maintenance requests
  • 91% prefer email communication of general information from property managers
  • 64% would be more likely to rent pet-friendly homes
  • 50% currently plan to renew
  • 75% that plan to stay say it is too expensive to move
  • 97% say price is the most important factor in selecting a home
  • 90% say the condition of the rental is why they select a home
  • 82% say it is the location of the rental

Source: Appfolio 

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