There’s a new generation of buyers and renters that emerges. That group has specific characteristics is now the largest portion of the population. This group of people was born between the mid 80’s and the end of the 90’s. They are called generation Y but also they are known as millennials.
Millennials are becoming a significant force in the real estate market. This new generation is open to a new world of suburban life, with single-family homes, more storage space and outdoor space. But what exactly do they want?
Their search methods are different from those of their previous generations. Millennial home buyers use technology at a high rate but combined with more traditional methods, like newspaper, driving around neighborhoods and asking family and friends. When searching for a home, they are more likely to use their phone instead of computers and tablets. The use of internet, smart phones and real estate portals are the three main sources for them.
There is a difference between millennial home buyers and millennial renters. Walking distance to bars and restaurants, commute time and how close their house is to their family and friends, are actually the least essential factors when it comes to buying a house. What they value the most are safe neighborhoods and areas with good schools.
Unlike millennial renters, most millennial home buyers prefer to settle down and start a family. They prefer more space and want to save money over renting. As a result, Millennials are also more likely to own pets, so landlords or property owners should consider making their property pet friendly.
Millennial renters on the other hand, value things like shops, restaurants, and public transportation and modern appliances. They will most likely be looking for expenses that are bundled into rent like parking spots, cable, electricity and utilities. Landlords should take that into consideration as it can be a great upsell opportunity.
More and more millennials will continue to enter the home buying and rental markets, and by doing so, they’re leading a tremendous change in the way that the industry does business. With technology being a major part in the change, they influence the way real estate agents, property owners and investors, and landlords think about the market.
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