Why the youth of today choose to rent
If you are currently in the market to buy property in Nelspruit with the intention of renting it out then this article may come as music to your ears. We take a look at the thought process of the younger generation and why many are choosing to rent over buying.
Looking to buy property in Nelspruit as a source of extra income could be a smart decision, especially when looking at the fact that millennials are opting to rent properties over purchasing them at present. This info comes from the Private Property website, where you can can quick and easy access to industry related news along with a whole lot of property listings.
Those who hail from older generations will know that the biggest priority after finish studies and entering the workplace was to find a family home and set down some roots. However, times have changed drastically, and looking at the approach to millennials (people aged 21-35), it is clear to see that the rental market is here to stay.
There are a few reasons as to why millennials are choosing to rent, and it mostly comes down to financial and lifestyle needs. Firstly, millennials are not settling down as quickly. The prefer to take their time and figure out their lives before taking on long-term commitments or having kids. This means that their need for a family home is often delayed.
Looking at the financial side, acquiring a home loan is not that easy for this generation. Bank requirements are strict, and often there is a need for a large deposit. Many millennials are simply not in the position to purchase, even they want to.
Lifestyle can also play a role though, and because renting offers the most flexibility, it plays perfect into the needs of this generation. Added to this, they don’t have to take on the maintenance of a home, as that can be handed over to the landlord.
Considering all of this, you can see why choosing to purchase a property with the aim of renting it out could be highly profitable in the long run.
