Millennials are not leaving the newspaper articles, news and blogs, mainly due to the fact that they do everything differently. Since they are changing the narrative in every sphere of living, millennial renters also affect the world of real estate. So what do millennial renters prefer? Here are a few types of real estate properties popular among this unique generation.
Houses for aspiring homeowners
Since many millennials have reached that time in their lives where they are willing to settle down, start their families and enjoy a more suburban lifestyle, it’s not a surprise that many of them choose to live in a house. However, since not everyone can afford to own a house (thanks, failing economy), renting is an option many millennials turn to. It’s interesting that this generation has no issues with renting an entire house for their family. While renting might cost a lot of money, it also provides tenants with a home without any obligations of ownership. Some leases even allow significant customization to the space, so they can fully customize their rental house.
Granny pods for minimalists
While many millennial renters value freedom, they also want their space to be functional – so renting something smaller like a granny pod is at the top of their real estate list. Granny pods are small, but they provide plenty of comfort and security. These units are usually built on the landlord’s property, which can be quite practical if you want to have any issues fixed quickly and effortlessly. And since granny pods are attached to the main property’s grid, upkeep and bills are minimal, which is another plus for busy millennial renters focused on their careers.
Serviced studio apartments for flexible millennial renters
Speaking of small yet cozy pads, serviced apartments are one of the types of real estate even more popular among young millennials, especially those that lead a flexible lifestyle. As you can conclude from the name, finding service apartments provides you with various practical features that are included in the price like cleaning, linen changes and others – this part is probably the most attractive for young people just leaving home and starting to live away from their parents. When having various chores taken care of, one can concentrate on their work and studies and have a lot more free time. If you love a good mixture of form and function, privacy and socialization and busy urban living and laid-back philosophy, a serviced studio will provide you with all you need and more.
Bachelor apartments for young millennial renters
Another one of the popular types of real estate among millennials, especially the younger crowd, is bachelor apartments. These units are usually very small (smaller than regular studios), so they are only suitable for single people – that’s why they are called man caves. Due to their modest size, they often don’t have amenities like a kitchen or private bathroom. Instead, people living in such environments share a communal kitchen and bathroom. While they certainly have their downsides, bachelor apartments are also affordable and can be found all around the urban map, even in the very heart of the city. They might not be what aspiring homeowners are looking for, but young millennial renters who want to have a practical and well-connected place to crash will certainly make good use out of these tiny units until they are ready to upgrade.
Lofts for social butterflies
City-dwelling millennial renters who are looking to share the costs of living with friends or family members are often choosing loft living. Since living in big cities can leave a huge hole in your wallet, it’s a sensible idea to minimize the costs by sharing rent and bills. Social butterflies can rent large lofts that can easily accommodate three or more tenants, thus reducing living costs and nurturing a rich social life. If they don’t mind sharing their living environment, and they know they function well with others, living in a loft might be a good temporary solution for every millennial renter. And if you throw in some eco-friendly features, you have a winning combination that will attract a chic yet well-paying crowd.
Basement apartments for thrifty millennials
Once again, a basement apartment might not be what aspiring homeowners are looking for, but these units have their appeal and benefits many millennial renters are attracted to. Today, one can rent very chic basement apartments for a price that fits any wallet. Landlords who have converted their basements into practical and beautiful living spaces will have no issues finding a city-dwelling millennial for a tenant. Also, if you’re thinking of converting your basement, target millennials when it comes to style and functionality, and you will rent out the place quickly.
As stated above, millennials are changing the world one industry at a time, and real estate is definitely one of these. While sellers might struggle a bit, landlords just need to keep these millennial renter preferences in mind, and they will have numerous opportunities to lease their space and earn some good money.
This article was contributed by Lilly Miller, a graphic designer and a passionate writer who loves everything about home décor, art history and baking. Lilly shares her home with two loving dogs and a gecko named Rodney.
Have a story to share? Get in touch at [email protected]
