A recent survey of the huge millennial generation in the US (Americans born between the 1980’s and 2000’s) reveals that the majority prefer rental property and aren’t ready to buy a home yet. Millennials also state a strong preference for neighbourhoods with easy access to amenities and claim they’re highly mobile. Single family homes make up a significant proportion of millennial rentals, highlighting the investment opportunities in this type of US property.
The combination of more people looking for a home and higher property prices is putting strong pressure on the US rental market. As a result, analysts predict monthly rental rates will rise yet again this year, excellent news for investment in buy-to-let property in the US.
A favourite with relocators, retirees and holiday makers, property in Florida continues to offer some of the best rental returns in the US. Latest data from RealtyTrac pinpoints several locations in Florida as top for rental returns, safe havens for rental investment and perfect for the baby boomer market.
Three recent surveys have revealed that financial and personal circumstances lead many Americans to favour renting a property over buying one. The tendency towards more single households, the perceived barrier to mortgage loans and the flexibility afforded by a rental all point towards continued buoyancy in this sector of the US property market.