According to a recent report released by Meyers Research, a leading multi family industry analyst, the growth of the rental market can be attributed to the continued patronage of Millennials.
The children of Baby Boomers, also known as Echo Boomers, have increased demand for rental units, even as thousands of new units became available.
The report noted that the national average rental rate increased by approximately 4.8 percent between the third quarter of 2011 and the third quarter of 2012. Although this represents a decrease in the growth rate compared to previous years, Millennial renters could help to drive sales as they continue to flow into the marketplace.
Although many rental property managers feared the worst as the housing market began to gain strength again, they can take comfort in the fact that the younger generation will continue to flood the rental market as they flock to college towns and urban areas, give property managers plenty of rental applications to sift through.