Pub. 1 2016 Issue 2

12 www.ctaahq.org 䌀吀䄀䄀 吀䠀䔀䌀伀一一䔀䌀吀䤀䌀唀吀䄀倀䄀刀吀䴀䔀一吀䄀匀匀伀䌀䤀䄀吀䤀伀一  Millennials might be part of a large group, but they want to be thought of as individuals who have a variety of goals. Despite that emphasis on individuality, though, there are some shared characteristics. ey want their lifestyles to re ect their identities and their goals, but that doesn’t mean they are materialistic. Many millennials emphasize living as minimally as possible. ey often own as little as they can manage. In addition, however, millennials are ambitious and uncompromising. What else do you need to know about them? ey are more likely to rent than to own. e number of millennial renters is increasing. According to the Census Bureau, those between the ages of 25 and 34 are eight percent less likely to own a home than they were in 2006. at’s a sizable decrease. Why Do They Rent? Five Reasons Seem to Explain the Trend: 1. ey can’t a ord more debt, largely because of student loans. e Institute for College Access and Success says that for every ten students who graduated in 2012, seven of them graduated with an average of $29,400 in debt. Student debt has increased six percent per year, starting in 2008, and the cost is still going up. Many millennials just can’t come up with a down payment unless they save for a while. 2. Apartments are more budget-friendly than homes. Apartment owners have to pay rent and utilities. Home owners have to pay the mortgage, the utilities, the property tax, and the cost of maintenance and repairs. Sometimes there is also a fee for a home-owners’ association. 3. Many apartments o er attractive amenities that anything short of an expensive home can’t match: a good gym, a swimming pool, and maybe even a concierge. 4. Millennials like urban life, where the most a ordable properties are in apartment complexes. Living in a city’s downtown area means ready access to cultural and sports events, night life, and a concentration of good restaurants. 5. Many millennials want to keep their options open about where they will live for as long as possible. If they decide to change jobs or careers, it’s a lot easier not to have to sell a house before moving. Renting a nice place preserves their options and allows them the time they need to decide what they will do for the long term. If millennials asks to take a look at your property, you should understand two things about their taking the time to meet with you: RENTING MILLENNIALS to ////////