[Photo by Cliff Burns]
For all the talk of millennials in D.C., a trip north up I-95 will take you to the most favorable rental markets for the age group. According to a report published last week by RealtyTrac, 21.32% of Baltimore's annual rental yield came from millennials and 20.78% of Philadelphia's rents were paid by people ages 21-36. D.C. did not even manage to crack the top 50; however, four Virginia counties did: Newport News (13.20%), Richmond (12.31%), Virginia Beach (8.62%), and Prince William (8.43%). However, D.C. was one of the top 25 markets for buying rental properties. This could mean that the area's young people are more likely to be buyers, but it could mean they're leaving the area. Sorry, millennials, you don't dominate the rental market in D.C., but if you can afford to buy a house, D.C.'s a good place to become a landlord.
· RealtyTrac ranks best overall markets for buy residential property rentals and renting to boomers, millennials [RealtyTrac]
· Where the Millennials Live (and Why They May Not Stay There) [CDC]
· Baltimore is the Nation's Best Market for Renting to Millennials [Urban Turf]
— Katherine Jessup