Why Greenville's Millennials Spark the Interest of Rental Property Investors

The "Millennial" generation is the largest in U.S. history. Born between 1980 and 2000, Millennials are now entering adulthood and the workforce. As a group, Millennials are primarily renters rather than homeowners. They want to live in urban areas. And for these reasons, there is ample opportunity for investors.

Greenville Millennial Renters - The Numbers

The City of Greenville is the largest in South Carolina, and it witnessed a population boom between 2010 and 2021.

According to the U.S. Census Bureau, the number of Millennials living in Greenville, SC, has increased by 25% over the past seven years. The number is expected to grow over the next five years. The Millennials are not only the largest generation in Greenville, but they're also the largest population of renters. This critical demographic for renters now accounts for 27% of Greenville's population.

As a "younger, more educated and diverse demographic than previous generations," many of them are looking to rent homes rather than buy. There will be a higher demand for apartments in Greenville, SC, with this growth.

What Do the Millennial Numbers Mean for Rental Investors in Greenville?

It's simple: there is a need for more homes, now and in the future, which is greater than ever before.

It is good news for Greenville rental property investors, who can now reap the benefits of the growing demand for rentals.

How Does This All Tie Back to the Commercial Building Industry, You Ask?

As demand for residential space grows, so does the need for commercial real estate. While both are part of the same market, they react differently to changing conditions and market trends: more calls to explore, more houses to build and sell.

Rental property investors can benefit from the growing Millennials population by studying their lifestyle and adjusting their marketing to attract Millennial renters.

While it's important to note that the largest group of Millennials and those moving to Greenville are between 25 and 34, this population of renters affects rental property owners in several ways.

Why the Millennials Are Renting in Greenville Instead of Buying

The Millennials are the largest living generation, and their rapid growth over the past decade is an entirely new phenomenon. While more than 35 million people in this country were born between 1980 and 2000, the Millennials are also the first generation to live, work, and raise families with cell phones and social media.

Millennials have been the most debt-averse generation since the Great Depression in the 1930s. More than half of them (51 percent) say one of their biggest financial goals is to live debt-free. They are not willing to go into debt to buy a home.

Millennials also value flexibility. The Millennials are the most educated generation to date, which means they have more diverse job opportunities than generations past. They want to go wherever they want and work as they desire.

Millennials are single and don't have kids. For these reasons and more, buying a home is not a priority.

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