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In this episode of the High Return Real Estate Show, the hosts of the show, Jack Gibson and Jeff Schechter, talk about future renting trends in the United States.
- How the rental market is changing
- What kind of lifestyle do they have?
- What cities are they moving to?
Key Lessons Learned:
- Right now they are ages 20-36.
- Due to the mortality of the Baby Boomers, Millenials are now the LARGEST demographic group in the US.
- Nearly 76 million strong.
- Due to the immigration of this age group, that number is continuing to increase.
- Live with their parents longer, but once they move out they gravitate more toward inner city.
- They wait longer to get married.
- They are much more transient than Gen-Xers or Baby Boomers…not afraid to move to a new city for a new career, new opportunity, etc.
- Because of inflation, cost of living, etc, They make less in spending power than their parents or grandparents.
- They often cannot afford to buy a house, especially in the areas where they want to live.
- They are MUCH more likely to rent in or near the core of a major city.
- Large numbers working in Tech, so they want to live in cities that have a good sized tech community, and THAT’s where things get interesting.
- Trendy “techy” cities are all very expensive to live in.
- Many employers are setting up operations in NOT SO OBVIOUS cities in The MIDWEST.
- The MIDWEST has plenty of good considerations, they all have good price-to-rent ratios, but the smart investors will dial it in a little more: State taxes, cost of insurance, legalities of eviction, stability, crime rate, and ROI.
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On the next show…
How the Trump Presidency may affect Real Estate investors.