Travis Killian, a business owner in Austin, Tex., is a typical 27-year-old in that he doesn’t own his own home — he is a renter. But unlike many of his peers, he can afford to buy. In fact, he owns nine single-family rental properties in various cities around the country, and is in the process of buying eight more.

Mr. Killian said he decided to take the profits from his lead generation business out of the stock market because he wanted more control. Instead, he invests in properties he finds on HomeUnion, which lists investment properties in 22 markets nationwide and helps buyers finance and manage them. Meanwhile, he’s not ready to invest in a home for himself because he’s not sure he wants to stay in Austin.

“I’m interested in real estate investment because of all the ways you can make money — from appreciation, leverage, cash flow, tax benefits,” Mr. Killian said. “I’m not looking to get rich quick. I’m just looking to have long-term income I can rely on.”

For all the talk about the so-called millennial generation — often defined as those between ages 18 and 34 — being slow to move toward homeownership, some young adults are, surprisingly, drawn to real estate as an investment opportunity.