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Millennials are the generation that rents everything, shying away from long-term purchases

Posted at 5:17 AM, Jun 05, 2019
and last updated 2019-06-05 05:31:51-04

WEST PALM BEACH, Fla. — Call it the generation that rents. Literally everything from cars to clothes to houses, millennials appear to be buying less and less.

Bethany Sharp saw a sharp trend and jumped on it. The younger generation doesn't like long-term commitment.

Sharp sees it as something largely fueled by social media. She created a concierge travel wardrobe rental and delivery company called Lady Jetset.

"We will deliver it to them. It will be there waiting for them all on a rental platform that you don't have to worry about the dry cleaning, the over packing, the under packing," she said. "Getting to a trip and hating what you got."

Realtor Kristina McPherson said the number of rental properties in West Palm Beach is a projection of the market.

"They certainly anticipate that the rental market in West Palm Beach will be strong," said McPherson. "I think a lot of that is due to the jobs they are predicting will come to our city, as well as the new millennial mentality that they want to rent, they don't want to buy."

"I do rent," said Javad Lodhi, a millennial. "I have a lot of friends my age too, who have decided they are going to rent long term too."

But why?

"I just feel like really long term things aren't, people don't value it as much anymore," said Sydni Donovan, a millennial.

While selling houses, McPherson said she sees it first hand.

"It's not that it's not affordable. It's that they're not saving as much," said McPherson. "Maybe their mentality is different and they want to have those epic Instagramable moments."

"It might be a matter of old values that are not really cherished anymore. People are not invested in long-term commitments to anything," said Lodhi.