The question arises what are the are the real estate trends popular among millennials or the Gen Y. Before going into this let us classify who the millennials are. If your birth date is between 1981 and 1996, then you can consider yourself a proud millennial. Wikipedia defines millennials as demographic cohort that follows Generation X and precedes Generation Z. the additional note is “this generation is generally marked by elevated usage of and familiarity with the Internet, mobile devices, and social media, which is why they are sometimes termed digital natives”.
Now that the millennial generation has captured a large percentage of the current workplace, real estate agents across the country are helping millennial home buyers rent or buy their first home. In this blog, we describe the real estate trends that are popular among them.
Tech savvy consumers:
As described earlier, millennials are digital natives, and you cannot separate them from their cellphone. They check their phone number of times in a small period of time. Reliable high-speed internet services and technology’s evolution makes it easier for millennials to tap into their devices for work and entertainment.
Location affects Real estate trends popular among millennials :
Millennials always try to search for accessible locations. This generation is proud to be available 24/7 and works almost the entire day. If they’re not full-timers, they are working as freelancers or doing remote jobs. Naturally, this lifestyle has an effect on the current millennial housing trends.
Having said this, millennials like the locations that are easy and require less commute. In the case of millennial home buyers, they like to live in those neighborhoods which are accessible from all parts of the city. This is also the reason for the value increase in commercially developed areas. Other amenities they usually look for include nearby schools, local parks, and, of course, safety.
This has been increasingly noticed that millennials love to live in small homes. Longer work-shifts and fewer family members are the reasons that they search for small houses only. This is one of the biggest real estate trends that real estate agents are seeing in these days. These trends show that cozy apartments and smaller independent portion are popular among these people. The other reason for the small houses is affordability as well. Because a large number of the millennials struggle with debts and credits and have average or low salaries. So, naturally they incline towards small and affordable houses.
Influence of Social Media:
Today it is very difficult to separate millennials and social media apps. Social media heavily influences their habits and trends. Even before buying a petty product, they check online reviews, prices and availability. Same is the case with real estate. They make any decision after thoroughly checking it on online channels. That is the reason that many builders and real estate agencies are trying to have their solid presence on social media.
Renting or buying:
Another crucial fact is that because of their flexibility and affordability, millennials prefer to renting over owning.
Also read Comparison between under-construction and existing-projects