Landlords Hate "Boomerangs"
... and the 'lords ain't too happy about that.
So-called "boomerangs" are people aged 18-35 who are returning home rather than renting apartments or renting houses. There are a variety of contributing factors ranging from job loss or a return to school, reports the The Wall Street Journal.
This disappearing segment of renters, who also happen to be in the prime "renting years" of their life, can mean significant stress for a landlord. At the moment landlords across the nation are experiencing vacancy levels at a 23-year high.
So, there are fewer renters on the market. To further your landlord's splitting headache, those who are renting are living with others - roommate listings have nearly doubled. The WSJ reports that single people occupying one bedroom apartments fell to 7.3 percent in 2009 from 7.9 percent in 2007.
Another problem? Household formation. People are marrying and having fewer children later in life. The WSJ quotes Pew Research Center: "15% of adults younger than 35 said they postponed getting married because of the recession, while 14% said they have delayed adding to their own homes by having a child."
Growing families means greater need for larger rentals. No babies, no need for a bigger apartment. That leaves your landlord clutching his own bottle and crying.
Good news for renters, though. You shouldn't need to twist your landlord's arm for repairs or other relief. This is also the best time to ask for rent reduction, too.
And about that dream of buying your own place? It can wait. Renting still has more than one benefitover buying.