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Monday Sep 03, 2018

The rental market: Buying not on cards for Gen Z

A key is a traditional 21st birthday gift which symbolises a young adult's independence, and often their stepping away from the home of mom and dad.

But now adults under the age of 25 are opting to stay put under their parents' roof. Latest stats show Generation Z is taking longer than their millennial counterparts to start renting or buying their own property.

Stats also show those aged over 40, who in the past would be stepping on the property ladder, are now opting more often to rent rather than buy property. Generation Z's behaviour has shown a "significant shift" in the age of entry-level tenants, says Michelle Dickens, director of TPN Credit Bureau. Only 7% of those born in the mid-1990s to the early 2000s rent their homes, compared to 11% of millennials who rented at the same age.

"Property ownership distribution also shows half the number of Generation Zs, compared to the number of millennials at the same age, own property."

Read more on Property360...

Bonnie Fourie


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