By 2020, it is forecasted that Phoenix will become the 4th most populated city in the US and by 2030, The US Census Bureau estimates Phoenix population will reach 2.2 million with a metropolitan area that’s home to 6.3 million. Strong population growth, coupled with Arizona's nation leading job growth and the fundamental change of the millennial and baby boomer generations to rent vs own, have set the ground work for strong multi-family operations for years to come. The millennial generation, which is 75 million strong and is America’s largest segment are choosing to rent over home ownership. This shift is having an impact in all sectors of our economy, including the market for rental properties and housing in general. Therefore, it’s important for landlords to understand the values of younger Americans, trends in millennial renters and why they choose to rent over buying their first home. Growing up in an era of rapid change, millennials have vastly different priorities, expectations, and values than those of prior generations. According to research on millennial behaviors conducted at the New Jersey Institute of Technology, this is a generation of digital natives and multitaskers. They prioritize flexibility and convenience, and prefer to keep their options open. Millennials value work-life balance, and refuse to sacrifice their health or leisure time, even for higher salaries. Baby Boomers, like Millennials are also flocking to rentals offering a “hands-free” lifestyle.
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