Rental makeup may change in the future

Some younger people are considering moving to homes instead of renting.

Property management companies may have to adjust in the future, as the millennials category of people may be more interested in purchasing a home instead of renting.

Nearly two-thirds of renters in the millennials group – those between the ages of 18 and 34 years old – who make at least $50,000 per year, noted they would be interested in purchasing a home, according to a survey from PulteGroup. However, these moves may not happen for many of these people without a significant other, family member or a roommate. More than 75 percent noted they would leave an apartment to get their first home if they were married or in a relationship, while approximately one-fifth signaled they would have a roommate living with them, or some family member.

"Millennials have witnessed the housing boom and bust, but still believe home ownership is a good investment," said Fred Ehle, vice president for PulteGroup.

Despite this, the rental market may continue to improve in the near future. Overall multifamily vacancies should drop 0.1 percentage point this year, according to a report from the National Association of Realtors. This figure, while low, is because of the already high level of occupancy in the market.

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