Real estate agents are a big part of the millennial boom in the US, and now that millennials are starting to move into the city and suburbs, agents are looking for places to rent and sell homes.
Here’s what you need to know about the industry.
Realtor and real estate agent Michael Schmitt, pictured with his agent, Mark Boulware, told Business Insider he sees a big surge in millennials as they move to the suburbs, and they’re searching for a place to live and work.
Schmitt said millennials are looking to live where they can earn money quickly and in a way that’s easy for them.
“The trend that’s been there for a while is that millennials want to live in places that they can move into and work in,” he said.
“So they’re looking for affordable housing.”
Schmitt said that a number of young people who have just gotten out of high school, or who have never lived in an apartment, are looking at moving to a cheaper market in search of a better quality of life.
He said that they want to get to know people in the community and be comfortable living in a house or apartment.
“They’re looking to make a better lifestyle and make a lot of money in the short-term and build equity in their life and their future,” he told Business Insider.
The rise of millennials also means that there’s more competition in the market.
“I think there’s been a lot more competition,” Schmitt explained.
“There are more young professionals, but the market is still very competitive.
You have to go in to the city, and it’s still quite affordable.”
Schmitt says that he has seen millennials in Los Angeles and New York City move into houses that are more expensive than their parents’ homes.
He also said that millennials who are renting, in particular, are starting out with less than what they’d like.
“They’re willing to pay more to rent than they’d pay to buy,” he explained.
“I would think it would be a good idea for them to go out to a market where they’ll be able to find housing that’s more affordable.”
Read more about millennials and home ownership in the U.S.:What do you think?
Is this trend a good sign for the industry?