Why Buying is No Longer an Option
In a recent article published by the Denver Post, economics writer Christopher S. Rugaber comments on the intensifying student debt that is sinking it’s teeth in to the millennial generation of home buyers, elevating the need for not only quality, but quantity when it comes to rental properties in the Denver area – spurring on a housing market shift from buying to renting. Post-college Americans have broken the mold of previous trends with their diminished interest and ability to acquire and maintain a mortgage. In the past, higher student loans indicated a better education which in turn yielded high income careers and the capability to retain a mortgage.
Student Loan Loads Increase
In the past year though, “student loan delinquencies and repayment problems appear to be reducing borrowers’ ability to form their own households,” said Donghoon Lee, a research officer at the New York Federal Bank. Without the financial resources to buy a home, most millennials are turning to the rental market for their housing needs. This means that property owners with all types of real estate are in higher demand than usual.
Why is This Important?
As the need for rentals increases, so do property owner responsibilities. These responsibilities can quickly become overwhelming and time consuming for owners with multiple properties. As a property owner, making the decision to trust a property management company like Real Property Management Colorado with your real estate ensures that your investments are being upheld in a professional manner and are being rented out to the influx of tenants effectively and efficiently. Let us help you navigate this new housing territory as the market shift from buying to renting rapidly grows.