Renters Need Guarantors and Millennials Choose to Rent
As we mentioned in Rental Real Estate Annual Report, Part 2, because of high financial requirements, 56% rental real estate owners stated that they don't have more choices about choosing future renters. 43% of rental real estate stated that more renters don't satisfy financial requirements and need a guarantor when renters rent real estate.
Renting real estate property is more popular for millennials because of their low income and job availability, and 45% rental real estate stated that millennials' renting numbers are increasing. Millennials become to the main part of rental real estate!
Existing Renters Renew Leases
34% rental real estate managers stated that more renters are willing to renewed their rental leases comparing with last year. And renters stay in their apartments longer increasing rental competition for new renters.