Report Finds Philly Is Among the Best Markets for Renting to Millennials
Photo credit: Anjan Chatterjee via Flickr.
Millennials have no doubt been the source of several headlines these last few years, and it looks like the Generation Y-talk won’t be stopping anytime soon.
Case in point, a recently released RealtyTrac report which, in addition to examining the best U.S. markets for buying residential rental properties in the first quarter of 2015, takes a look at the best markets for renting to millennials.
The results? Well as you can see from the chart below, the Greater Philadelphia Area, which saw a 25 percent increase in its millennial population between 2007 and 2013, has one of the country’s highest annual rental returns thanks to an 18.78 percent annual gross yield.
And while we’re on the topic of millennials and renting, it’s interesting to note that another recent survey claims to have found that early 20- to mid 30-somethings actually plan to become suburban homeowners, and the only reason they haven’t already is because they’re broke. You can read Patrick Kerkstra’s story on that over at Citified.
In any case, check out RealtyTracs’ full report, as they also cover the best U.S. markets for renting to Gen X-ers and baby boomers.
RealtyTrac Ranks Best U.S. Markets for Buying Residential Rental Properties in First Quarter of 2015 [RealtyTrac]
