People in the real estate industry are always keeping an eye on trends to stay one step ahead of the next biggest thing. In 2014, as the real estate market continues to bounce back, industry professionals are trying to predict what will happen in 2015.
Millennials are particularly interesting to real estate professionals because these young people starting careers and soon starting families drive the real estate market. After graduating from college, they move where the jobs are and real estate developers follow. Millennials are turning away from the so-called hot cities of years past, like New York and DC, in favor of moving to places where they can get a housing deal as well as a job. Growth has been seen in cities including Dallas, Portland, and Minneapolis.
The interesting thing about Millennials is that they are buying fewer homes than their parents and choosing to rent instead. Maybe they watched their parents burned in the economic downturn or they just don’t have enough savings to buy. In response to Millennials’ interest in renting, developers are building rental buildings that are poised to turn to condos in a year or a year and a half. This allows developers more flexibility because they can make the rentals available for purchase when the market conditions allow.
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