Whether you’re selling your home or want to get in to investment properties for vacation or long-term rentals, it’s a safe bet to make sure your property is millennial-friendly. This generation is made up of people born between the early 1980s to early 2000s – myself included - and as a group we have different wants and needs than other generations before us. No matter what you have heard about Millenials, whether positive or negative, we’re a significant generation and can’t be ignored – in fact, we took over as the largest generation in the workforce in 2017.
Here are some trends to be aware of if you plan to market to Millenials:
Where the amenities areMillenials, especially those who haven’t settled down to raise families, prefer living in a thriving area with lots of amenities, nightlife and things to do. By and large, many members of the generation are moving away from suburbs and back to city centers when possible. We like to be close to work as well as close to fun. We prefer areas that are walkable and bikeable, as well as pet-friendly for our four-legged friends. Some apartment buildings are including pet-friendly features like on-site dog parks. Hotels are even catering to this trend by being both cool and pet-friendly as more and more Millenials travel with their pets.
Quality of lifeMillenials will choose to live in a city first, and find a job later. They are all about quality of life and living in a place that they love first, and making it work instead of being tied to a place. As remote jobs become more available, they have the ability to work wherever they can take their laptop. They (we) are also okay with living in smaller, unique spaces to be near their desired neighborhood. Loft projects, even renting out guest houses, have become popular options. Young, energetic first-time buyers are also unafraid to rehab a home with great bones in a spectacular location to be able to afford a dream home.
Renting firstMillenials are also delaying and some putting off homeownership indefinitely until while paying down student debt. As the generation ages, more and more are ready to buy, but in the meantime, they’ll be looking for homes to both rent and purchase. If you have a property, don’t be afraid to rent it out, or work with a realtor who helps young professionals find rentals. Your renter (or someone else’s) may end up being your buyer down the road.
For other insights on the “it” generation – give my team a call (or text… we’re Millenials) today!