Millennials have been known to shake to really shake things up. From their trends to their innovations, they know how to give an industry a run for its money. The real estate industry is no different. The needs and preferences of the millennial generation are shaping and redefining real estate:
One of the biggest issues millennials are most passionate about is climate change. Going green is a big trend among this generation and one that must reflect within their home. This generation is now going for homes that will lower their carbon footprint. They’re now looking for homes that feature energy-efficient heating, cooling, and lighting systems. Now, real estate developers are seeking new ways to accommodate this need, because when it comes to greener homes, millennials are willing to pay top-dollar for it.
Another trend happening in real estate due to the millennial generation is micro-living or co-living. They are willing to live in smaller spaces if it means saving a bit of cash. They’re also aware that most of their time will be spent outdoors rather than in their living space. So instead of wasting money on a large space that they won’t be spending much of their time in, they buy micro-homes and invest their money elsewhere. This is why tiny homes, co-living facilities, and micro-apartments have become a huge trend in real estate.
Nowadays, everything can be found on the internet. What was once only known by professionals in the real estate industry is now just a few clicks away. Millennials are now using this to their advantage. Before even meeting with a real estate agent, they do their research and prepare themselves for the buy. When millennials are looking to by, they’re looking for transparency on property value and the latest market trends. They prefer homes from renowned builders than under-construction property. Millennials are well-researched and prepared.
Most millennials prefer to live in an urban setting. They like to live in areas with many social activities around and a great nightlife. They prefer how convenient it is to live in a setting that it close to their work and their social life. They’re also looking for a home that fits their lifestyle–homes with an in-home office or efficiency kitchen. Convenience is the key to the living-spaces among millennials. As more millennials begin to buy homes and invest in real estate, there will be new trends in the industry.