Millennials keep surprising us. Whether it's embracing old-school hobbies like stamp collecting or shocking the world by skipping their lunch break at work, the generation that falls between Gen X and Gen Z finds itself in a peculiar position for real estate at the moment, which is precisely why you're about to see a ton of urban millennials break their leases. Here's what's up. (And why it's way more practical than you think.)
Millennials emerged as young adults into financial turmoil as they faced the great recession and rough job market. A decade later, these 30-somethings not only have a little cash in their pockets, but a lot of the non-essential workforce is primed to work remotely—all those hours they spent in front of their computers or phones have actually paid off for them; they're uniquely equipped to do things, including work, on the go. So, in the current crisis, millennials with steady incomes, no kids and a remote jobs are asking themselves why sink money into a rent pit if they can do what millennials love more than anything? Road trip—and Instagram along the way.
Whether it's funneling the rent money into buying a car (psst: it's actually *the* time to buy one), renting a sweet Airbnb or even moving in with relatives, people are realizing there's no reason they need to be in one location anymore, and especially at a primo cost.
And if a vaccine is developed six months from now? Great, they'll sign a new lease. But...we also have a feeling we're not only going to see a wave of un-renewed leases, but a tsunami of movement back to the countryside. Because c'mon, isn't the whole cottagecore trend a tell?