Across the Nation, ‘Generation Rent’ Chooses Not to Buy for Different Reasons
San Antonio–Millennials choosing to rent rather than buy is hardly news, but a new study was released listing the reasons why this generation is hesitant to buy, and how this can affect the rental market in San Antonio for investment property owners.
According to the survey results, millennials in San Antonio and other surrounding areas in Texas are 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, President of Carrington Mortgage Services LLC, 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.”
Another factor for renting is that many millennials have gotten so used to the renter’s lifestyle, the idea of being tied down to a home purchase is just not how they see themselves. They may not be saddled by large amounts of student loan debt, or even credit card debt, they simply don’t see themselves tied down as a home owner, or tied down anywhere for a lengthy period of time. ‘Home’ is where their parents live, where they live is just a temporary stop before they are off onto their next adventure. This bodes well for investment property owners.
San Antonio property managers are seeing their bottom lines increase as ‘generation rent’ continues to delay purchasing a home. As the leading San Antonio property management company, Real Property Management Alamo reminds all San Antonio investment property owners to cater toward this generation as they tend to be tenants for longer periods of time and are willing to spend more on the ‘right’ rental property.
Real Property Management Alamo has over 25 years of experience in the property management industry and offers services to property managers in the San Antonio market. As a full-service property management company, our services range 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 that Real Property Management Alamo has to offer, visit www.rpmalamo .com or contact us at 210-787-3876. You can also email amanda@rpmalamo.com for more into.