Rentals and apartments popping up everywhere… but why???
When you recall how thoroughly public confidence was shaken during that last financial meltdown, you probably also remember how reluctant most people were to presume that Forsyth County, GA real estate values would rebound anytime soon. Those who saw nosediving property values as nothing less than a great buying opportunity were in the courageous minority—even though a cool-headed review of the history of home values’ ups and downs made such a conclusion pretty safe.
Today there may be a similar Forsyth County, GA real estate opportunity—although, in truth, you have to look a lot harder to see it. It’s emerging in the realm of Forsyth County, GA rental real estate investments. Instead of resulting from a dramatic global financial shakeup, it’s the by-product of a less headline-grabbing phenomenon—namely, an emerging shift in American lifestyle and spending habits.
One piece of evidence can be found in the rapid adoption of “sharing economy” businesses like Airbnb and Uber. In the past, Forbes magazine had pointed to their ascendency as evidence of a shift in Americans’ willingness to share goods and services with others—as well as a new attitude about ownership in general. It’s most evident among the younger set: “A fifth of Millennials would consider renting DIY products, clothing or sporting equipment,” one survey found—key drivers being affordability and convenience.
Forbes also looked at attitudes among Millennials about housing. Nearly a quarter who are not yet on the housing ladder said they were not concerned about owning a home of their own and would be content to rent for the rest of their lives. If offered lease terms of five or more years, they would be encouraged to “treat their rented property more like a home.”
Previously, the widely-respected Pew Research Center had found particularly that steep declines in homeownership are only partially due to the difficulty of coming up with a down payment. Even though mortgage approval rates are up, home loan applications are down.
This impact such an attitudinal shift could mean is underlined when you realize that there are 92 million Millennials. They make up the largest generation in American history. If they continue to place more value on the flexibility and convenience provided by the new business models, another outcome could well be the disappearance of the stigma that used to go with renting. Per the Urban Institute’s Laurie Goodman, the dip in homeownership among younger generations “is a permanent shift”—one evidenced by the rise in “lifestyle renters” (those who can afford to buy, but choose not to).
It could be part of why the rental market is booming across America—and lead to the conclusion that it will become, as Goodman stated, a permanent trend. If so, the long-term implications are certainly positive when it comes to Forsyth County, GA rental real estate investments. For anyone who has ever considered diversifying into a Forsyth County, GA real estate rental property investment, now would be a great time to call me to investigate further!
Please feel free to call or text me at 404 710 0204 (or drop me an email) if I can provide you with more information about this article, or if I can assist you with buying or selling Forsyth County real estate.
This Cumming GA Real Estate blog is hosted by Gayle Barton of BERKSHIRE HATHAWAY HomeServices Georgia Properties.
I specialize in Real Estate sales in the following Forsyth County and North Fulton County cities: Cumming, Suwanee, Alpharetta, Milton and Johns Creek. Other north metro-Atlanta suburbs are serviced by request, so please call.
Gayle Barton Forsyth County Real Estate | Cumming GA Real Estate | Mountain Crest Homes For Sale
Gayle Barton Cumming GA Real Estate | Forsyth County Real Estate
Disclaimer: Information contained in this post is deemed reliable on the date of publication, but it is not guaranteed and it is subject to change without notice. All content, including text, original art, photographs and images, is the exclusive property of Gayle Barton and may not be used without expressed written permission.