How can brokers help rent-bound millennials?

Millennials are less likely to own homes than older generations, potentially putting a serious dent in brokers' future client base

How can brokers help rent-bound millennials?
Ashish Gandhi
Principal broker and financial advisor
The Mortgage Division

“Millennials have a preconceived notion that becoming a homeowner is nearly impossible – that’s why we see many millennials renting long term. Many believe the obstacles of bad credit, down payment, affordability or too much debt will be the contributing factor in their in ability to becoming homeowners.

Much of the issue is that millennials are unaware of the various financing and down payment options available to them, as well as the multiple avenues brokers can provide to becoming homeowners. Providing millennials with the right information and knowledge is the key factor in converting long-term renters into homeowners.”

Brent Richardson
Mortgage broker
Altrua Financial

“As the housing market, family incomes and employment conditions improve for millennials, the trend should shift towards ownership. These factors are beyond our control as brokers; however, efforts on our part to improve education and marketing of the opportunities available can help spur hidden demand.

For example, advertising monthly mortgage payment amounts for entry-level housing on social media, thus targeting millennials, is a strategy that has worked for me. This approach and ideas like it have the potential to kindle the spark of desire for homeownership in this generation and help bring many out of rental hibernation.”

Minesh Thakkar
Mortgage broker
Broker Financial Group

“Currently, renting seems like the only option, as entering the market is more expensive than it’s ever been.

I believe lifestyle plays a large part in this decision. Everyone wants to retire early; however, very few take action. Real estate has always been one of the best ways to build wealth.

Sometimes our clients want everything: the location, the convenience, etc. I believe compromise is confused with sacrifice. It’s our job to teach them the difference and what it will mean to them 10, 20 or 30 years down the road.”