The millennial demographic is an interesting one, and there is no denying that millennials have greatly reshaped the real estate industry, and that they are continuing to reshape the housing market to this very day. After all, not every generation dreams of owning a house or an apartment, and the millennials seem to be the perfect example of a demographic that chooses to rent, stay on the move, and enjoy a more flexible lifestyle. Yes, it seems that the millennial generation is what every landlord has been waiting for, but that doesn’t mean that every type of rental property is perfect for the millennial renter.
Millennials might not be buying properties as much as the baby boomers, but they are in a financial position that allows them to choose their place of residence according to other factors – not just the price. With all of that in mind, let’s take a look at the five types of properties that millennials prefer.
Rental houses and granny pads
Millennials have already reached those years where they are ready and willing to start their own families and settle down, but that doesn’t mean that they have the means or the desire to actually own a house. Sure, they might take the leap at some point and get a mortgage, but there is no denying that they are more interested in renting. What’s interesting is that millennials have no problem renting entire houses with adequate room for them and their kids, but they also value the functionality of the space, so they have no problem with choosing something smaller, such as a comfortable granny pad.
By and large, granny pads are smaller housing units built in close proximity to the landlord and their home, which is great for the millennial who wants to have the landlord close by for comfort and support. With the millennial’s knack for making smaller spaces extremely functional, granny pads become even more appealing for millennial families.
On the other end of the spectrum we have the city-dwellers who want to share their living expenses with others as well as share their living space with family or friends. Living in the big city can be quite expensive, to say the least, so it’s only natural that a millennial would want to minimize their expenses as much as possible by sharing rent and utilities. They often do this by renting oversized lofts that can accommodate upwards of three tenants at a time, which is great for a millennial who is sociable and doesn’t mind sharing their living environment.
Functional and serviced studio apartments
Speaking of city pads and urban millennials, perhaps an even more popular option is the serviced apartment. As the name might imply, serviced studios for rent are extremely popular with the younger crowd because they aim to blend form with function, privacy with socialization, and ease of living with the busy and even hectic urban lifestyle. A serviced apartment is a private place that the millennial can call their own, while the communal areas such as the kitchen and the entertainment room offer plenty in terms of functionality and social interaction – just what the millennial needs to network and meet interesting people.
However, the most appealing part seems to be that some quality-of-life features are included in the rent, such as cleaning and linen changes, and other perks that the millennial needs. This helps outsource some of the chores, leaving more free time to focus on building a career and enjoying the city life.
Bachelor apartments are in with young millennials
Another popular type of accommodation is the bachelor apartment. As the name implies here as well, a bachelor pad is favored by the millennial who is single, young, and looking to focus on their career, quality of life, and personal development. These apartments are usually affordable and can be found across the urban map, and while they might not be what an aspiring homeowner is looking for, they are definitely great for the millennial that wants to be well-connected with the rest of the city.
Basement apartments are getting popular
If you come across an aspiring millennial homeowner, rest assured that they are not looking for a basement apartment. However, that isn’t to say that millennials aren’t looking to rent chic basement pads for an affordable price. Basements that have been completely converted and remodeled to accommodate the needs of city-dwellers never fail to attract the millennial crowd, so if you have a basement apartment for rent, be sure to target this demographic specifically to rent the place quickly.
The millennial generation has effectively reshaped many industries around the world, and real estate is definitely one of them. While sellers might have a difficult time attracting millennials, renters should definitely exploit the numerous opportunities to lease their properties to this truly unique demographic.