Mount Kisco NY Homes | Capitalizing on ‘Gen Rent’ | Inman News

Capitalizing on ‘Gen Rent’

Real estate’s hottest niche market

Forget about the generational differences based upon age. The fastest-growing real estate opportunity today is making the move to working with “Gen Rent.”

While much has been written about generational differences, the tremendous number of foreclosures coupled with the decline in prices has seriously undermined the dream of homeownership for countless Americans.

Even though purchasing is often cheaper than renting in many places, high unemployment rates and more stringent credit standards mean an increasing number of people are no longer able to buy a home.

In the past, approximately 66 percent of all Americans owned their own home and 33 percent rented. Since the downturn began, approximately 10 million Americans have now moved from living in a home they own to living in a rental.

This translates to 1.8 million fewer homes that are owner-occupied, approximately 463,000 fewer transactions, and a whopping $4.2 billion less in commissions.