Lots of young adults are renting apartments today, and more of them are coming. These young adults are better equipped to support rent hikes than most realize. Millennials are widely portrayed as underemployed and poorly paid, but the data doesn’t support that view – not for the generation as a whole, at least. The Pew Research Center recently did the most extensive study to date on Millennials. One surprise finding: Millennial households command greater incomes than did previous generations at the same age (adjusted for inflation). Digging deeper, Pew found a disparity: All the income growth is coming among those with college degrees. Incomes for young adults without college degrees have dropped off. That disparity has obvious implications for apartment investors and lenders.
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