Posted October 01, 2015 by RentJungleMillennials, or young adults born between 1980 and the early 2000’s, are a generation apart from their predecessors. Takers of selfies, oversharers on social media, and perpetually “lazy”, this generation is coming into adulthood. When it comes time to move out of mom and dad’s house, where will they go? Do they strive for the typical American dream and put a down payment on a house a few streets away from their parents? Or do they opt to stay in the realm of renting? With the cost of renting now exceeding the cost of purchasing your home, you’d think they’d lean towards buying.
One reason towards millennials being more interested in temporary living than in planting their roots is the predilection towards travelling. The Millennial generation is more interested in travelling than their older counterparts by a 23 percent point margin. The UN has estimated that over 20 percent of international travellers in the world are young people.
It is also not unusual for this younger generation to take trips spanning longer than the typical vacation. Trips that last 2 weeks, 3 weeks even a month or two are not unusual for this generation of travellers. That’s a lot of time to be spent away from a permanent home. It might even be easier for these adventurers to put their living situation on hold by breaking an apartment lease, especially if their travels are going to be happening frequently.
For some, moving frequently, not just travelling but actually moving house, is more drawing than staying in the same town for years and years, possibly even forever. Some choose to move for jobs, others for relationships and others just because they enjoy the thrill of a new city and can’t stand to stay in one place for too long. If you’re from a small town, the draw of a big, bustling city can be enchanting and enough to make you pack your bags and jet off.
Another contributing factor to the renting trend among the younger generation, is that they are holding off on starting families until later in their lives. This could be due to many of the factors we mentioned above: jobs, travel, relationships (or lack thereof). But the biggest contributing factor is most likely money. Millennials are loath to drop their bags, their money and start a family. There are so many other things that that money could be spent on that they are unlikely to drop it all to start a family and buy a home. Packaging all of these preferences and wants and needs into one leads to putting off purchasing a home until later in life. For most millennials, there’s no need for putting a hold on your travels, dropping tons of cash and purchasing a home, especially when we probably just dropped a ton of cash on college! The trend of renting has been growing for years and will probably continue into further generations due to a change in perspectives and values.