The Great Recession has had a significant impact on millennials. The real estate bubble burst in 2008 when many 20 somethings were still in college (accumulating debt) or just entering the work force (with a lot of debt). National unemployment reached 10% by 2009, and in an increasingly competitive job market, millennials (25 to 34-year-olds) were lucky to find a job at all… let alone one that paid well. With mounting debt and limited income, many returned home to live with mom and dad.
Millennial unemployment has dropped from 7.7% to 5.5% over the last two years,* and it’s great news for the economy! Some “kids” are leaving home for the first time, and renter households grew by 2 million last year.* This bodes extremely well for investment property owners and property managers, but new renters are also buying more than ever—TVs, furniture and any/everything else one could need or want for independent living. This boom may mean that even more good news is on the horizon for the real estate industry, as renters become buyers.
INVESTMENT PROPERTY IN CHARLESTON
The growing rental market isn’t just a national trend. Renters are on the rise locally as well. If you own (or would like to own) property in Charleston, you may be able to capitalize on this trend. Contact us to learn more about your property management options.
*Statistics are from the Business Week article “The Kids Leave Home” http://resourcecenter.businessweek.com/reviews/the-kids-leave-home.