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July 6, 2017 | No Comments YetTags: buying rental property in Columbus, columbus, hiring a property management company, how to find tenants for rental property, Investment Realty Columbus Ohio, marketing rental properties, millennials, property management, renter generation
According to a recent study conducted by ABODO, an apartment search company, only 30 percent of the Millennial demographic in Columbus are homeowners. This leaves the other 70 percent searching for rentals. This is great news for potential investors and property owners around the Columbus area.
The trend shows that Millennials prefer to live close to their places of work, nightlife and entertainment. They often find that rental properties offer the best deal when it comes to living in these areas. The study also states that it could take a decade to save for a down payment on a home. In Columbus, the average amount of time it would take to save for a down payment is 8.7 years. This is in part caused by higher student loan debt and less housing available on the market.
Millennials may choose to rent for a number of other reasons, as well, including the ease of relocation. Many Millennials feel that the purchase of a home ties them down to a certain area. Most rentals run on a 12-month lease, which allows renters to move around as frequently and freely as they wish. No strings attached.
With 70 percent of Millennials looking to rent in the Columbus area, it may be beneficial to focus on and market to this demographic. The question then becomes, what is most important to Millennials when choosing a place to live? Location? Amenities? Price? These are all good things to consider when pursuing this demographic.
How will you attract the growing Renter Generation?
For more information on the report, visit www.abodo.com.