{"id":9370,"date":"2014-02-07T05:00:30","date_gmt":"2014-02-07T13:00:30","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=9370"},"modified":"2020-12-24T02:23:46","modified_gmt":"2020-12-24T10:23:46","slug":"the-missing-millennials","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/the-missing-millennials\/","title":{"rendered":"The Missing Millennials"},"content":{"rendered":"<p>Millennials who flocked to their parents\u2019 nests during the recession are a huge source of u<img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-9373\" src=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2014\/02\/shutterstock_13824976-300x200.jpg\" alt=\"shutterstock_13824976\" width=\"300\" height=\"200\" \/>ntapped revenue for the apartment industry. The trick, however, is getting them to leave a place that is so cozy, convenient, and inexpensive.<\/p>\n<p>Millennials, or Generation Y, already make up a notable portion of renters. Yet there is another wave of them, approximately 2.4 million strong, that is dancing on the peripherals of the rental market. Developers are pushing forward with construction plans, optimistically expecting that these young adults will soon form their own households. but there are quite a few challenges that may further postpone, if not deter, the young adults\u2019 entrance to the rental market.<\/p>\n<p>The 2013 <a title=\"Missing households\" href=\"http:\/\/www.theatlanticcities.com\/housing\/2013\/07\/many-young-adults-are-still-living-home-and-its-hurting-economy\/6370\/\" target=\"_blank\" rel=\"noopener noreferrer\">Current Population Survey<\/a> data suggests that there are 2.4 million \u201cmissing\u201d households in America. Thirty-one percent of this group is comprised by young adults ages 18-34 who are currently living in their parents\u2019 households.<\/p>\n<p>Forty-four percent of the missing households are unemployed, meaning that they do not have the financial means to establish their own households\u2014rentals or otherwise\u2014anytime soon. \u00a0Even if every adult gained employment today, most leasing offices like to see six months to a year of work history. Some approvals require two years. As young adults accumulate work history, they must also save money for deposits, fees, bills, furniture, and so forth. For the currently unemployed, leaving their parents\u2019 household won\u2019t be an option for quite some time.<\/p>\n<p>Of the 25 percent of missing households that are employed, multifamily developers face other challenges in drawing them into the rental market. Millennials in general are less likely to have established credit. Experts point to the decline in credit card usage as the main culprit. <a title=\"Credit card usage\" href=\"http:\/\/bankinganalyticsblog.fico.com\/2013\/06\/the-young-and-the-cardless.html\" target=\"_blank\" rel=\"noopener noreferrer\">FICO reports<\/a> indicate that at the end of 2012, 16 percent of Americans ages 18-29 passed their days without the use of a single credit card. That is nearly double the amount of plastic-free young adults from 2007.<\/p>\n<p>The could be because The Credit Card Accountability Responsibility and Disclosure Act of 2009 limited younger people\u2019s access to debt while also promoting a stronger understanding of the credit system. While Millennials (as well as their parents) may be proud of debt freedom, it hasn\u2019t helped them to establish a strong credit standing.<\/p>\n<p>Generation Y is also opting out of auto loans. A Federal Highway Administration study shows that the amount of driver\u2019s licenses issued to young adults is decreasing. The number of 18-year-olds with licenses fell to only 65 percent in 2008. \u00a0Without licenses, members of missing households aren\u2019t driving, much less financing their own cars.<\/p>\n<p>This demographic\u2019s lack of credit makes them unscorable through traditional credit evaluation methods. Services such as VantageScore may help leasing offices evaluate credit worthiness but it is an additional expense that isn\u2019t being utilized across the board. Without a credit history, leasing offices are taking a gamble on which renters are the most desirable.<\/p>\n<p>This article is excerpted from &#8220;<a title=\"When Millennials Leave the Nest\" href=\"http:\/\/www.multihousingnews.com\/features\/when-millennials-leave-the-nest\/1004093495.html\" target=\"_blank\" rel=\"noopener noreferrer\">When Millennials Leave the Nest<\/a>,&#8221; which appeared in Multi-Housing News magazine.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Millennials who flocked to their parents\u2019 nests during the recession are a huge source of untapped revenue for the apartment industry. The trick, however, is getting them to leave a place that is so cozy, convenient, and inexpensive. Millennials, or Generation Y, already make up a notable portion of renters. Yet there is another wave [&hellip;]<\/p>\n","protected":false},"author":440,"featured_media":9373,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[133,291,29],"class_list":["post-9370","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-demographics","tag-millennials","tag-multifamily"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yardi Blog<\/title>\n<meta name=\"description\" content=\"Millennials who flocked to their parents\u2019 nests during the recession are a huge source of untapped revenue for the apartment industry. The trick, however,\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Missing Millennials\" \/>\n<meta property=\"og:description\" content=\"Millennials who flocked to their parents\u2019 nests during the recession are a huge source of untapped revenue for the apartment industry. The trick, however,\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/the-missing-millennials\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2014-02-07T13:00:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-24T10:23:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2014\/02\/shutterstock_13824976.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"600\" \/>\n\t<meta property=\"og:image:height\" content=\"401\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Erica Rasc\u00f3n\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Erica Rasc\u00f3n\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/the-missing-millennials\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/the-missing-millennials\/\",\"name\":\"The Missing Millennials - Yardi Corporate Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/the-missing-millennials\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/the-missing-millennials\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2014\/02\/shutterstock_13824976.jpg\",\"datePublished\":\"2014-02-07T13:00:30+00:00\",\"dateModified\":\"2020-12-24T10:23:46+00:00\",\"author\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/d63afaf076d5863391dd49858ccef2ac\"},\"description\":\"Millennials who flocked to their parents\u2019 nests during the recession are a huge source of untapped revenue for the apartment industry. 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