I just read an article on CNN that outlined some trends with the Millennials. Among the trends that impact LL are fewer are living as couples longer.

That link is at:

cnn.com/2017/10/11/health/unpartnered-marriage-pew-census/index.html

Neither myself or my rental business,

So "un-partnered" and "partnered" are the new PC terms for singles and shack-ups? Thank you CNN for keeping me hip on culturally acceptable phraseology.

If this trend continues, it will mean higher demand for housing. 2 solo people = 2 housing units vs. 1 couple = 1 housing unit. I have mostly 2-bed units, which are very reasonably affordable for a single person...bedroom plus an "office."

This runs counter to the "sharing" economy I've heard so much about. Basically, sounds like millennials are starting to grow up and take on some of the characteristics of their parents (independence) while continuing to ignore others (the stability of a committed relationship).

My units look beautiful. So I get the first qualified person. Have a quality looking kitchen and bathroom. You can get those Bathfitter type coverups if you rent to nonsmokers. One cigarette or hot curler on that plastic and it's over though.

...Neither myself or my rental business, revolve around Millenials...

Ray,

In my business millennials represent more than half of my tenants. Charlotte is a magnet for well educated people <35.

I also have nieces and nephews that are millennials though on the younger side of that segment. I've learned the 2 things have really shaped their perspective on money and relationships.

The housing crash: many of them were just getting out of college and jobs opportunities were limited so they moved home. They watched the financial strain their parents were under; jobs lost, 401K losing value, houses underwater, foreclosures. They don't trust banks or the government for that matter. They're determined they won't buy a home until they are financially capable of weathering through a downturn. They also don't tend to spend frivolously.

As a millennial, yes I do target my demographic they are good customers any smart business does it.

What a lot of older people don't realize is that by and large my generation is very financially conservative. Probably more so than any generation since my grandfathers, ie the Greatest. The depression shaped my grandfathers spending for the rest of his life, and the crash in 2008 will shape mine and a lot of people in my generation. No one wanted to live at their parents after graduating college, but the world imploded and that was the reality.

The ones that make poor decisions get articles written about them to generate clicks, but the vast majority are very smart hard working people. I know a number who saved and put down large amounts on houses. No student loan debt, maybe fancy cars but they are mostly if not all paid for.

We are also by and large very socially liberal. Women are now in the workforce, and if your a college educated women with a good career getting married and having kids puts the breaks on that. Which is why a lot of women are having kids later or not at all.

Ray,

Good stuff!

Millenials are 1/3 of the rental market and will soon outnumber Boomers in population.

As a generation they control more than many folks realize. Millenials are the biggest consumers so industries, tech, employers, cars, you name it are aimed at Milemials.

LLs who ignore Millenials will soon be outdated and become obsolete.

They are the present.

Heads up: the next wave of culture, iGeneration (Screen Generation) are hitting the marketplace with money. The iPhone is now 10 years old. Kids who were 12-15 with an iPhone, have known nothing else than the world at their finger tips, are now 22-25, renting apts, buying cars, buying phones & computers...

They are even more demanding than Millenials. They are used to getting everything they want at their fingertips, NOW. They "came of age" with Amazon Prime delivered to their door, Netflix and Hulu for any show at any time, Google to answwer any question is .00035 seconds, a video of anything on YouTube. They are more informed, can see reviews instantly, and can find the competing rentals in seconds.

They have "Apple arrogance" which means they want a perfectly designed, elegant, super functioning "thing". A rough rental house is NOT on their list. They are paying top dollar for nicey nice apts with full amenities.

Times are a-changin!

BRAD

Ray, thank you for posting the article, and the comments from Chris are interesting. Indeed, as Brad and S i d noted, there's money to be made especially for one and two-bedroom units and/or places for a side office area. Little touches like switching out a waist-high electrical outlet or near a desk area for one with USB plugs for millenials' apple devices, etc can help a case for higher rents?

Chris - Most millennials are spoiled rotten, petulant crybabies who are unwilling to take any responsibility for anything. Your own post reflects this description:

"As a result of the crash we lost the better part of a decade, so doing things like getting married, buying a house, and having kids are happening in our early 30's instead of 20's...."

BULL. The "crash" has nothing to do with it. Millennials hook up and shack up because they want to, and because the women allow it. They don't buy a house because they change jobs frequently just because they feel like it, and haven't saved the down payment because their employment history is too erratic and saving money is not a priority. They don't have kids in their 20s because, not being completely stupid, they understand that having children when you're unmarried, unstable and broke is probably not in the best interests of the child.

Millennials have no concept of the term "paying your dues". They think they are entitled to the world being handed to them on a silver platter.

I agree that millennials are financially conservative. After all, they aren't stupid. They realize the benefit of delaying adulthood as long as possible by mooching off mom and dad till they're 30, so they do. And baby boomer parents tolerate it.

There are millennials who are exceptions, of course. They have stable jobs, decent income and reasonable debt. You know, like grownups have. They are my tenants.

Jan/MO: My youngest kid is a Millennial - age 29 - as is his wife and all of their friends. All of whom have decent jobs, have bought homes, drive decent cars. We've hosted groups of them here at our beach house, and I see none of the behaviors you describe.

Many of my tenants are Millennials. I see none of the behaviors you describe.

I *read* about them all the time, in articles that describe how Millennials are ruining everything, but I've not encountered them in real life.

WMC - glad to hear about your situation, and in my view, your kids are the exception to the rule. Kudos for you for raising them well.

I can assure you the "read about" group does exist. Each one of my adult stepchildren fits the profile perfectly. So do some of my co-workers.