Young Adults can Help Make you Rich
The Effect of Echo Boomers on Buying Rental Property
Echo Boomers, also known as Generation Y, are the demographic born between 1980-1995. The growth of this sector has been great for investors buying rental property.
If you are buying rental property then take advantage of this young mobile generation that are graduating from college and transitioning into the workforce. There are two key factors contributing to their decisions to defer home ownership and prolonging their rental duration. These are paying off school debt and witnessing first hand many family and friends losing their homes during the recent economic downturn.
“Coming into the largest demographic for first -time home purchase, echo boomers are exhibiting an aversion to home ownership.” IBIS world, March 2012.
Echo boomers are flocking to metro areas as that is where the jobs and social life are. Being able to cater to this demographic can certainly help contribute to the success of your cash flowing real estate. Understanding your tenants can also help you determine how best to advertise your property. For example, marketing to the tech savvy echo boomers might require a social media campaign to find tenants. Posting ads on a grocery store bulletin board might not cut it with this electronic obsessed demographic.
So a key point to take away from this is if you are buying rental property, know your tenants and you will be on the right track to financial freedom!
If you want to know more about buying rental property or how getting involved can benefit YOU, Contact us.
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