Study Gets to the Heart of Why Millennials Rent Instead of Buy
Millennials deciding to rent instead of buy is hardly news. But a new study finds the reasons why this generation hesitates to buy, and breaks out the answers by regions.
According to the survey results, Millennials in Tennessee and other Southern states split equally between two issues–one being fears about credit scores being too low, and the other being they just don’t know where to start the process.
“The greater debt they [Millennials] have, the lower the FICO score they think they have, but it’s not true,” said Ray Brousseau, Executive Vice President of Mortgage Lending at Carrington Mortgage Services whose research is used in the results of this study. “There’s good debt, and there’s bad debt,” he continued, referring to the differences between student loan debt and credit card debt, “One is tax deductible, and the other is compounded daily.”
Millennials and the Benefits of Renting
Another factor for renting is that many millennials enjoy the renters lifestyle. They don’t want to be tied down to a home purchase. This market segment may not have large amounts of student loan debt, or even credit card debt. They simply don’t see themselves living in a home for a lengthy period of time. They also appreciate other benefits of renting. These include…
- not having to pay or manage maintenance and repairs
- not having to pay property taxes and homeowners insurance
- flexibility to decide what part of town they prefer before eventually buying a permanent home.
Generation “Rent” in Middle Tennessee and Murfreesboro
Middle Tennessee property managers are seeing their bottom lines increase as ‘generation rent’ continues to delay purchasing a home. As the leading Murfreesboro property management company, Real Property Management Rental Solutions reminds Middle Tennessee investment property owners to cater toward this generation. They tend to be tenants for longer periods of time and are willing to spend more on the ‘right’ rental property.
Real Property Management Rental Solutions has over 25 years of experience in the property management industry. RPM offers property management services in Rutherford, Davidson and Williamson counties, particularly in Murfreesboro, Smyrna, LaVergne, Christiana, Eagleville, Nolensville, and their surrounding areas.
As a full-service property management company, their services vary from advertising, screening tenant applications, leasing, rent collection, maintenance and evaluations, evictions, and financial reports. For more information on how you can benefit from the services Real Property Management Rental Solutions has to offer, visit www.RPMRentalSolutions.com or call 615-900-4067.