5 Reasons Millennials Will Be Perma-Renters

It’s not a surprise that more and more Millennials are renting rather than purchasing. And it’s showing in the availability of units across the United States. In higher traffic areas, the perfect rental is harder to come by. You can’t blame them because dealing with mortgage can be such a headache. However, having the right mortgage lenders that can offer affordable mortgage programs, like the best mortgage lenders in san diego, can be such a huge difference maker.

There are many reasons why renting is winning over buying, but there seem to be ones in common that Millennials share across the board. Many of the reasons have to do with money and convenience, but most of the time it’s determined by their place of work.

Here are the 5 motives why Millennials may keep on renting and put off buying a home until they are ready to settle down.

  1. Avoiding more debt – Just coming out of college, Millennials may already have incurred a good amount of debt, which they now have to work on paying off. If they have a mortgage payment, as well as other expenses that come with owning a home, they are going to get even further behind. Make sure to find a local mortgage broker to help you get that dream house you have in mind.

If you want to get a breakthrough from this alleged curse, having the right ID Mortgage Broker is a major factor.

  1. Apartment life is more affordable – This goes hand in hand with staying out of debt. Most services, such as lawn mowing at King Green, snow removal and other miscellaneous repair tasks, are included in the monthly rent. Renters don’t have to shell out cash to own the equipment to take care of the outdoors and maintain the unit. This is all (often) done for them. And plumbing issues like a clogged toilet or sink can easily be fixed by calling a 24 hour plumber Adelaide.
  2. Taking advantage of “free” amenities – Amenities such as fitness centers, pools and business centers equipped with computers are often sought after perks when renting at certain apartment communities. These amenities save the renter money since they don’t have to purchase memberships. The price to have these conveniences may be included in the monthly rent; however it is most likely less than going elsewhere.
  3. Enjoying their surroundings – In places like New York City and other metropolitan areas, renters can get an apartment in the heart of the city. It may be a smaller unit and the rent may be higher, but they have the opportunity to be in the most vibrant and cultural locales. It doesn’t have to just be in bigger cities either. Rentals are more in abundance in the “downtown” areas and that gives those renting the opportunity to experience all a town has to offer.
  4. To keep their freedom and have flexibility – Millennials enjoy the opportunity to move around. That is one of the reasons why they’re sought after in the work force. They’re hard workers willing and able to do whatever they can for the company, including relocating. When they decide to purchase a home, they don’t have too many easy ways out if they need to relocate for work, a loved one, or for new experiences. When renting, shorter term leases are often available and leases can sometimes be renegotiated and terminated early.

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