A recent survey reveals that nearly 75% of millennials are hoping to invest in real estate over the next 3 years.
Millennials, also known as Generation Y, comprise individuals born between the early 1980s and the mid-1990s. As millennials enter their prime earning years, many of them are expressing a keen interest in real estate. And here’s why:
Urban living and proximity
Many millennials prefer to live in urban centers or neighbourhoods as they value proximity to work, public transportation networks, entertainment options, and cultural amenities. Naturally, they would want their future home to be in sync with all this.
Sustainability and energy efficiency
This generation is environmentally- conscious. Energy conservation values hold special importance for millennials. As such, they often seek homes with energy-efficient features such as solar panels, smart home technology, and sustainable building materials.
Affordability and flexibility
While bigger homes might be desirable, millennials are quite mindful of affordability and might be open to smaller homes or condos if they offer flexibility for an evolving lifestyle.
Technology and connectivity
Having access to reliable high-speed internet is crucial for millennials as they rely heavily on technology for work, socialising, and entertainment.
Open floor plans and modern designs
Millennials tend to favour open and flexible floor plans that accommodate modern living, where the kitchen, dining, and living spaces flow together.
Home offices and workspaces
Remote work trends have been significant especially post COVID, making dedicated home offices or functional workspaces essential to their aspirations.
Community and social spaces
They also place significant value on community-oriented spaces such as ‘shared gardens, co-working areas, rooftop decks, or communal lounges’. So, any builder offering them all that would top their list.
Many millennials prefer low-maintenance homes and condominiums to free up time for other activities and experiences. Therefore, builders must be mindful of keeping their facility management services up to the mark.
It’s important to note that preferences and priorities can vary according to financial capacity, stage of life, familial circumstances, personal values, and long-term financial planning. Millennials might spend the extra buck for convenience. Easy access to essentials is the primary driver for millennials.
In short, they are picky. They need a wide range of options to choose from. Some of them might want quirky hangout places while others are on the hunt for maximum security with community interaction being a choice. This generation might choose unbridled freedom or complete privacy, but the hybrid gated communities always remain much sought after. Millennials are also investing in farmlands, building farmhouses and vacation homes.
To conclude, we can say that various fluctuations or changes in the real estate market can create both opportunities and challenges for players and vendors equally in the industry.