Dallas County Rentals | The Long-Term Outlook
Ask any professional in property management in Dallas and you will hear the same story: business is booming. The economic crisis has been particularly hard on Generation Y, and many of those in property management in Dallas are seeing 20- to 30-year-old tenants viewing rental property as a long-term housing solution.
Irving property managers know that one reason for sustained demand in the rental market is historically high unemployment. As much of Generation Y was preparing to enter the workforce and eventually purchase a home, the credit crisis left many without any prospects for long-term employment.
Professionals in property management in Irving, TX know that the Millennials have it tough. Many have taken on enormous amounts of debt to pay for their university educations, only to find themselves struggling to make ends meet. Irving property managers predict that the current generation of would-be homeowners will have trouble qualifying for a mortgage for quite some time.
Dallas rental property managers see college debt as one of the reasons that the rental market will stay strong in the coming years. With the total amount of student debt in the United States already having crossed the $1 trillion mark, many members of the current generation will simply be unable to purchase a home.
Property managers in Dallas County know that low home prices and mortgage rates make it a perfect time to purchase a home. However many of the current generation will be stuck with rental property as the only option. Here are some basic facts:
- 25% of college graduates have trouble saving for major expenses, like mortgage down payments
- Only 9% of 29-34 year olds are able to secure a mortgage
- Only 36.8% of people under the age of 35 own their own homes, down from 42% six years before
Any professional in property management in Irving, TX will tell you that the current generation is likely to continue renting for quite some time. As an investment property owner, this means that the outlook for your investment is quite good. Rarely has there been a time when continued demand could be forecast for decades to come. Making the most of the demand for rental housing means partnering with one of the property managers in Dallas County. The fundaments of the market for Dallas County rentals have changed such that even veteran landlords are finding themselves in uncharted territory. As credit scores fall, the screening processes typically used for rental property applicants become inadequate.
Dallas rental property managers know that property investors must adapt to the market conditions to ensure a continued income stream. That is why they offer thorough screening, maintenance and financial services to their clients. If you have any more questions about rental property investment, contact a OneProp DFW property manager today.
