Increasing numbers of millennials are opting to rent due to the ever-increasing cost of living and the unpredictable and challenging South African economy.
Approximately 25% of Greeff Christie’s International Real Estate’s tenants were born between 1980 and 1990, says rentals principal Glenda Taylor.
“Many within this generation wish to stay in trendier, more high-end suburbs. Because they can’t afford to buy in those areas, they choose to rent.”
Millennials are known as the “experimental” generation, and are seldom in one place for too long, so renting provides them with the freedom to just pick up and move.
While homeownership is of value to them, and many wish to invest in property at some stage, Taylor says life events and the current economic climate might delay the process.