According to David Adams' article in Realty Times, a trend that is seen among Americans today is that homeownership happens in their mid to late 30s for two reasons - the problem on affordability and their refusal to carry a burden. Adams continue to describe that for the millennials or Gen Y people, ownership is not a priority. In a recent survey, as Adams shares, 66 percent of millennials said they found fulfilment in experiences, rather than possessions, and 62 percent planned to increase that spend.
Instead of buying a car, they would rather take the subway or bike to work and instead of having a house of their own, they would rather live with roommates.
Adams lists the things that these millennials are looking for in an apartment:
1. Short-Term Rentals
91 percent of millennials see their selves in a job for less than three years as they find excitement in change. They like it whenever a new job brings them to a new city, state, or country and this is why millennials prefer short-term rent.
2. Furnished
Since the millennials prefer not to own cars, then bringing with them a couch and other massive possessions will certainly tie them down and will be a hassle to their preference of living in different hip neighborhoods.
3. Innovative and Personalized Solutions to Problems
Millennials, who may not be tech-savvy but are definitely tech- dependent, refuse to spend time resolving issues that can easily be dealt with by technology.
4. Convenient Amenities
The younger generation like to live downtown because restaurants, work, and movie theaters are just a few steps away. They also like to have amenities available on-site such as gyms, pool, hot tub, or sauna and even a beach.
RentSeeker identifies other amenities that the millennials look for in their rented space:
- Beer garden and patio areas with large view windows and open access to the outside
- Bike workshop with tools and materials on hand to repair
- Dog parks which offers close proximity to home and provide cleaning ordinances
- Maintenance crews to repair the wear the apartment incurs
5. Accurate Information
The younger group of people expect correct and up-to-the-minute information. They don't want to get promises that can't be delivered.
6. Customization
While millennials refuse to bring their own furniture, they love spaces that are customizable. Compact living, getting the most of their rental and flexibility make these millennials happy.
