Although the pandemic has impacted the real estate industry negatively, there is also another side of the story. As many businesses in the United States are getting bankrupt, unfortunately, the value of real estate property and personal homes also continues to increase; making it difficult especially for young adults to acquire or buy. One of the reasons for this is the debt that they face after graduating from universities. They have to pay money for a very long period of time due to student loans for finishing college. Many students not only in the United States but across the world face the same hardship and dilemma; they struggle to settle and establish a life independent from their parents, most especially those who’ve become unemployed after graduating college.
Consequently, this demographic of young people, including couples who have children, also increases. These kinds of people in our society are having a difficulty purchasing a house of their own due to how the social economic system is designed itself. Therefore, it pushes them to prefer renting in order to cope with many different factors involved. It includes the desire to be free from long term responsibility and liability to the property and most importantly, to maintain flexible on their schedules. Satisfied as a renter, this is inevitable when market competition pushes to the limit; leaving the poor fresh graduates with nothing but many bills to pay.
According to surveys in recent years, there could be more or less 16 and a half million young people soon to be living independently; meaning moving away from their parents or relatives to live on their own. That’s why rental property owners and managers are seeing a possibility in a not so distant future. Promising a lucrative hope not only to landlords or property owners but also to property management companies, experts’ prediction is now more compelling than ever; that rental business is one of the very smart ideas to invest. Looking at the bigger picture of the real estate sector, more and more investors are seeing this as the bright side of the current seemingly bleak condition of the economy; standing out as a potential redeemer for all the players involved.
For the most part, it is mainly because of our ever growing population. Of course, as inhabitants grow on a rapid rate, especially in the urban area, real estate value also grows up significantly. Consequently, this market trend is pushing the large part of the population, especially millennials and Gen-Z, to choose rental properties as their way of getting a home or shelter for reasons such that they are more affordable, they’ll have a chance of having someone to share with the rent, and they will be free from long-term expenses and maintenance tasks.
Aside from these appealing factors for these demographic, rental properties have also become an easy option because of the advantages of other features like amenities, including cultural and entertainment centers, gyms, community spaces, swimming pools, community cafes, animal parks, community clinics, and sports facilities. So aside from having a somewhat privilege of choice on the period of stay, renters also benefit from the efficient system of administration being put out by property management companies. This is also a very big plus!
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