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Ed Meek
CEO/Investment Advisor

Edge Portfolio Management


State: IL

At Edge, a low client to advisor ratio allows for personal and customized service for each individual.  Our goal is to work as a team for each client to provide not only portfolio management but wealth coordination and financial planning.  We make every effort to have frequent communication with our clients and to provide timely response to calls and emails.  I also enjoy spending time with my wife and three kids, playing and following basketball, playing golf, and participating as an advisory board member for Breakthrough Urban Ministries.

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Apartment Rentals are Movin' On Up

A real estate watchdog reports an increase in rentals as Millennials finally move into their own place.

| BY Kent McDill

Real estate is always an interesting investment option for affluent investors, and today’s housing market makes apartment ownership more appealing than it has been in the past.

According to Spectrem’s report Asset Allocation, Portfolios and Primary Providers, 15 percent of Ultra High Net Worth investors with a net worth between $5 million and $25 million are looking to invest in real estate over the next 12 months. Seven percent of total UHNW assets are in investable real estate.

Going against the time-honored American belief that home ownership is better than renting, the Millennials who are finally moving out of their family home are renting rather than buying.

According to, home ownership in the United States has dropped to a 20-year low of 63.9 percent, almost a 10 percent drop from the all-time high of 69.4 percent in 2004. The National Association of Realtors says pending sales of existing homes dropped 3.7 percent in December of 2014.

Real estate values are increasing, although at a slower rate in than in previous years. Meanwhile, the household formation rate grew 400 percent year over year from 356,000 in the fourth quarter of 2013 to nearly 1.7 million in the fourth quarter of 2014. This is considered to be the advent of the big “move out’’ by Millennials.

The national vacancy rate for apartments dropped to 7.0 percent in the fourth quarter of 2014, considered the lowest such rate since 1993. The demand for rental housing is greater than the construction of new apartments, which is good news for landlords.

Twenty-three percent of UHNW investors own residential rental property with a mean value of $938,000 in their portfolios. Over 20 percent are invested in real estate investment trusts (REITs) with a mean value of $203,000. The market is especially appealing to younger UHNW investors, with 54 percent invested in REITs with a mean value of $111,000.


About the Author

Kent McDill

Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.

In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.

McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.

McDill is the father of four children, and an active fan of soccer, Jimmy  Buffett and all things Disney.