Initially, property development was rudimentary and straightforward, just focusing on the basic amenities and enough space for parking or gardening. However, times have changed. We have a whole different generation that is tech-savvy, has unique tastes and know exactly what they want. They are considering these factors when hunting for property to purchase or rent:
- Within the city/convenience
Gone are the days people used to invest in a property located in the outskirts of a city. Millennials prefer to live in hip neighbourhoods in the city; posh and upcoming developments that are near service providers and entertainment joints for convenience.
- Buying vs Renting
Real estate experts will testify that numerous rational millennials are keen on building or buying their first homes instead of renting. They are specific about what they want and don’t want, with a huge bias on specific trends in their homes; luxury, efficiency, and technology.
In fact, technology is the key determining factor for a young person to or not to invest in a property. This generation spends most of their time online; shopping, chatting, researching, and working using home Wi-Fi. This is why internet connectivity in homes is a major selling point. Network reception for cellular phones is also a key attraction for both young renters and buyers.
Those who work from offices prefer a home that is as close to their workplace but still retains the allure of a place away from their downtown workplace. If they find all they look for in an apartment, the price is never a problem. For some people, it may not make sense to pay fifty thousand a month for a studio apartment, but for others, they see no problem at all. At the end of the day, it’s all about convenience.
- Modern amenities
Young people prefer modern futuristic designs with high-end finishes. Open housing plans and big kitchens are also key preferences. For young people, a kitchen is not just a place where cooking takes place, but also where they gather and interact during meal preparation.
Some developers even adding sporting amenities as they aim to entice millennial buyers and renters. Financial institutions are also targeting the same group in terms of longer repayment periods because of the age factor since they still have more time to invest further.
Millennials have modernised the real estate industry, making it more competitive. Now, we have apartments with modern amenities like gyms, pools, intercom, backup generators, and lifts among many others. Even in rural settings, millennials have made these amenities the norm, and developers now compete to offer the best. These improvements have not only made the property market competitive but come at extra costs.