Population growth in the U.S. is now fueled by one specific group known as millennials. These men and women were born in a 15-year time span between 1977 and 1992. Some of the highest percentages of active renters in America now fall into the millennial group. New studies have provided data that showcases the best millennial markets for home rentals that will be detailed on this page.
RealtyTrac is one of the top sources to find excellent housing industry information for use in making good investment decisions. While not all information can be obtained free of charge, the bits of information that is released freely to the business industry can help a savvy investor who is searching for a great opportunity. There are now 50 top markets in the United States that are listed as growing areas for rental growth for millennial renters.
Growing Millennial Rental Cities in the USA
1. Jacksonville, Florida
Duval County in Jacksonville is the largest metropolitan area where young adults now reside in Florida. There has been a 19.2 percent increase in population for younger adults compared to a decade ago. There is now 24.7 percent of the millennial population statewide renting homes in Jax. Gross rental yield is listed as 14.95 percent in Duval County.
2. Baltimore, Maryland
A new leader has emerged in the rental industry in the state of Maryland. Geographical areas like Townson and Baltimore are showing more growth from younger men and women. A rate of 11.3 percent has been announced as growth in the surrounding city markets. Investors nationwide are now eyeballing this high growth area.
3. Tampa, Florida
The Southern, FL market has picked up the pace in the rental industry compared to regular homes sales, according to data released this year. Hillsborough County and Pasco County are two areas in and around Tampa that is now featuring more demand from young adult renters. The population has increased by 16.7 percent over a 10-year period and is now 24 percent millennial.
4. Orlando, Florida
Orlando is positioned in Orange County and is near Osceola County. These two counties are second to Jacksonville in terms of millennial population growth. The Kissimmee area as well as the surrounding metro Orlando area is now a hotbed for rental activity. As more people seek rentals compared to home sales, the population percentages are expected to increase in the coming decade.
5. Richmond, Virginia
The city of Richmond is now a key place for real estate investors to earn passive income. Substantial growth in housing and in population has been reported in Richmond City which is one of the largest counties in the state of Virginia. Rental yields in this area remain over 12 percent each year.
Passive Income Markets for Investors
Renting to the emerging young adult market is only one area available for new or full-time investing clients. Baby Boomers are still one group that is fueling the growth in the rental industry in many parts of the U.S. As more people get rid of mortgages, signing a contract for a first or second rental home is now part of future living expenses.
Homes that are available in and around Jacksonville, FL to rent makeup the inventory of houses that can be purchased for use as passive rental income through the JWB company. Requesting more information on this page is easy for someone who wants to take advantage of higher than national average rental yields.