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Like every other part of the real estate market in the United States, property and apartment rental in Baltimore is always evolving. Property owners and managers can never get too comfortable, as it’s a best practice to stay on top of market trends in order to maximize returns. While no one can predict the future of any market with complete confidence, trends regarding Generation Z-ers as well as millennial continue to develop.
Let’s take a quick look at what may be in store for the year ahead regarding these age groups.
When you hear talk of generations these days, it is almost always in reference to the ‘millennials’. This remains an extremely powerful group, but they are not the only generation to consider when renting. Gen Z is next up, which is a group that is identified as those born after 1995. Now that this generation is reaching the age of leaving college and heading out on their own, they are going to be a bigger player in the Baltimore rental market. What do these consumers want out of a rental space? How much can they afford to spend? Knowing the desires and tendencies of this market will be essential in the years to come.
First, Gen Z-ers will be looking for something affordable. No matter how amazing the living experience might be, most are not going to pay more than they think a property is worth. Since they will be looking to buy at some point, they will most likely be willing to make some sacrifices now knowing what they can have in the future.
The idea of stability also appeals to Gen Z-ers. They want the security of knowing that they can live in the property for as long as they want, comfortably, while they save their money. They do not want to worry about rising rent, and they certainly do not want to worry about getting kicked out of the property if the owner sells it.
While it is important to track the rise of Generation Z, it would be a mistake to think that the millennials are out of the rental space. That simply isn’t the case. The millennial generation is still expected to make up the biggest portion of the rental market, as this demographic continues to resist home buying for one reason or another. Simply put, a property that doesn’t appeal to the millennial generation is going to be tough to keep occupied in 2018. Next month, we will take an extended look into why the millennial generation is choosing to rent, so stay tuned for that!
No matter if you are a Gen Z-er, millennial, or part of another age group, at Blue Ocean, we have a broad portfolio of properties our clients may choose from. Contact us today to see what we can find for you!
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