Murfreesboro, TN – Among one of the more interesting trends in the Murfreesboro real estate market is that fewer people are looking to buy their property—instead they choose to rent. Perhaps even more interesting is that many of these new-age renters are committing to their rental properties long-term—even up to 5 years or longer—rather than the standard 12-18 month rental terms. The growth of Murfreesboro as well has added to this trend.
Part of the reason for this new trend in the Murfreesboro area is that many corporations are opening glistening new facilities, attracting job applicants from all over the world, and appealing to new college grads who are looking to boost resumes and employment opportunities. Many millennials report that one reason they choose to rent property is because they don’t want to be tied down to a contract should new job opportunities arise. In short, they want the flexibility to go after the latest and greatest job opening when it crosses their doorstep.
“It’s a fascinating trend to watch,” says Hugh Jones of Real Property Management Rental Solutions, a property management firm in Middle Tennessee. “This is great news for property managers and investors as well. It means that they get high quality tenants who are willing to commit for a few years and when the property does turn over, there is a fresh pool of similar tenants waiting to take over.”
There is a downside to the increase in rentals. There is a slow, but steady increase in the price per square foot for rentals. But there will always be a need to rent. Millennials need the flexibility it provides.”
This means that there really is no better time for investors to snap up a few rental properties to call their own. And as prices begin to rise, both in buying and renting, locking in those rates now is a great investment plan.