A USA Today survey of Census Bureau data reveals the Millennial Generation, those between 25 and 34, buoyed the renters’ ranks by some one million from 2006 to 2011, while homeownership dropped nearly 1.4 million. For some of that generation renting is a result of liftstyle and finances—they may take another job elsewhere, and in some cases do not want the ties that come with homeownership. Rental agents say occupants are older, more often single and are staying longer than they have in the past. Equity Residential has left behind properties in smaller markets like Detroit and Minneapolis and delved into major markets like New York, Boston and San Francisco. “I think they are embracing the social lifestyle of high-density urban living,” says Equity Residential CEO David Neithercut of the young adults. However, as MHProNews has learned, a Trulia survey in June revealed that 94 percent of renters 18-34 still plan to own a home someday.
