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Young Americans fueling rental industry

August 2, 2010 - The country's vacant apartments are being filled by younger tenants who are getting jobs and moving out of home.

Home foreclosures are also behind the rental industry's growth, which has seen 215,000 new units added so far this year, reported Bloomberg, citing data from MPF Research. That figure is double all of the new apartments that were rented in 2009 and the most the firm has reported seeing added since 1992. But even if the nation's older homeowners are struggling to find jobs and hold on to their homes, the younger demographic - between age 20 and 29 - is experiencing rising employment rates. As a result, these consumers are getting the courage to move away from their folk's home and strike out on their own.

"Given how hard it is for families to live together for very long, they moved out as soon as they got a job or even thought they could find one," Mark Zandi, chief economist for Moody's Analytics, told Bloomberg.

People who are moving into an apartment for the first time often have fewer items to move and should consider renting a smaller mobile storage unit to transport their things to their new place.

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