If you were born between 1981 and 1996, consider yourself a proud millennial. You must have been labeled with characteristics varying between skepticism and unyielding hopefulness. You also witnessed the fall out of the economy in 2008, aka the Great Recession. However, 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. That’s why we are going to explore some popular millennial real estate trends and housing ideas.
Do Millennials Love Small Houses?
Longer work-shifts and fewer family members give rise to the popularity of small and compact homes. That’s one of the biggest millennial real estate trends which is giving today’s real estate agents a tough time.
Home buying trends of millennials indicate that more millennials are opting for cozy apartments and smaller independent portions. One of the reasons for this choice is that they prefer minimalism. But there’s another reason; affordability.
A significant percentage of millennial home buyers is struggling with debts and credit card payments. So, it’s natural to see why a small home just big enough for two people or a pet sounds perfect to most millennials.
There are a few common choices that millennials make owing to their lifestyle and work habits. Let’s dig deeper into the most popular millennial real estate trends.
Accessible Locations
Have you recently met a millennial who’s working for less than 8 hours a day? We’re afraid your chances are quite slim. 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.
The struggle to maintain a healthy work-life balance continues. Location plays a crucial role since millennials look for places which offer easy and quick commute. Millennial home buyers like to dwell in neighborhoods which are accessible from all parts of the city, even when they are working from home. That’s one of the reasons why the value of real estate property is escalating in commercially developed areas. Other amenities they usually look for include nearby schools, local parks, and, of course, safety.
Tech-Savvy Consumers
Another thing which you can’t separate from millennials is their cell phone. Just look at the number of times they check their phone during a property visit. Some even take pictures to show a house or an office to others.
Reliable high-speed internet services and technology’s evolution makes it easier for millennials to tap into their devices for work and entertainment. Real estate agents are puzzled to see millennials inquiring about electrical outlets and connectivity options, almost always. That’s because many millennials work from their homes or like to charge their devices frequently.
They’re not afraid to ask questions because the generation can be intricate when it comes to detail. That’s why they prefer contacting agents or real estate companies which have listed all relevant details in an ad. From crime rates to walkable amenities and commute time; expect a plethora of questions from these curious minds. The best way to market real estate properties to millennials is through a mix of graphic representations, a list of amenities and documentation.
The Impact Of Social Media
Today, social media influences thousands of millennials’ habits and keeps changing the present millennial housing trends. It is not surprising to see why they rely heavily on social media updates and online reviews to make real estate decisions. It is important for companies, marketers, and real estate agencies to showcase new and emerging properties on social media, particularly on Facebook and Instagram to attract millennials.
Renting or Buying
Since they value flexibility and affordability, millennials are prone to renting over owning. They are usually unable to forgo renting because they mostly choose to bear the high cost of living in big and developed cities, despite the high debt load they carry.
Open Concept
Another one of the most popular millennial real estate trends that millennials usually prefer is an open concept house which serves as a multi-functional living space for the whole family. For instance, if someone is working in the kitchen or a home office, they can easily keep an eye on the children playing in the living room.
Millennials typically like to choose single story houses or apartments as they have no time for stairs! Studio apartments or open living spaces are easier to clean, organize, and maintain. In addition to that, you can also set them up for hosting events or late-night parties.
Energy-Efficient Homes
Serious and practical millennials like to save money in every little way possible. Houses can be energy-efficient if they have enough windows and good lighting options to keep the utility bills low. There are many home owners who look for lower-maintenance and cheaper real estate property options which they can equip with smart features to live a hi-tech and comfortable life.
Lawn or no lawn?
A large lawn spells into hours of mowing, watering, and gardening. Some homeowners are converting their additional lawn space into parking spaces or covering more area. However, there are some who prefer using and maintaining a lawn by adding rocks or fake grass. Here a few DIY rockscaping ideas for your lawn.
Well-Researched Clients
Don’t expect millennial home buyers to venture into the real estate industry without conducting prior research and doing important calculations. It’s true that they are always trying to find the best real estate agents to help them explore potential properties. But almost always, they are aware of the locations and construction projects which are trending in the industry. Millennials and Millennials utilize everything in their power to search for the right properties online and connect with the best real estate agency to make informed decisions.
Millennials also prefer email and text more to phone calls and that’s why they feel comfortable with agents who promptly reply to their messages and queries.
Happy House Hunting!
The millennial housing market continues to rise and we don’t just mean in terms of interest rates and home prices. While the Generation Y prefers the suburban lifestyle, millennial home buyers are also choosing other set of choices made by Generation X. This implies that some of them also consider moving into flipped houses or renting older but renovated apartments to save valuable costs.
If you are a millennial who’s looking for a house or an apartment, we have it all covered for you. Check out the best property portal in Pakistan, Zameen, for narrowing down your search to find the house of your dreams!
