There have been many discussions on what defines Millennials and how they differ from other generations. Most researchers agree that Millennials were born somewhere between early 1980s until late 1990s. Most commonly, the generation is associated with an increased use of digital technology.
It is believed that Millennials have different behavioral patterns and lifestyle than other generations and therefore also the way they choose a home is distinct. We have examined some of the factors that Millennials take into account when they are searching for a place to live.
- No rush to own a home: Millennials are known to start a family later in life than previous generations. Especially in the US, most Millennials also have huge student debts after finishing college meaning they do not have any savings for buying a home. For that reason, they rather rent out a home than buy one. Millennials are also more likely to move around more and live in several different cities before finally settling down somewhere.
- Location is very important: most Millennials want to have a decent social life, meaning they want to have an option of spending their free time surrounded by friends at a fun and trendy place. Therefore, the location is extremely important when searching for an apartment. They want their home to be located in a safe, yet trendy neighborhood where there is always something going on. Additionally, they also prefer to live in bigger cities and prefer to be located closer to “lively” areas.
- Technology: since Millennials grew up surrounded by technology, they want their home to include all technological appliances. Things such as a dishwasher, washing machine, microwave, air conditioner and so on are therefore very important to them. Additionally, WIFI is an absolute must in every Millennial`s home.
- Price: Millennials tend to spend more money on technology, traveling, clothes and other trendy and popular things. Therefore, they think more economical when it comes to a housing situation. Price of an apartment is important to them as they want to be able to save money for other things. They want an apartment that is affordable given their financial situation and more importantly, they want to get the best ratio between quality and price.
- Modern design: Millennials are used to adapt to changes very easily and learn new things quickly. Therefore, they also want their home to have a modern design and a relatively new furniture. They do not want to live in a home with furniture that looks “old fashioned” or use the appliances that are out-of-date.
- Big living room: as already mentioned, Millennials love to socialize with other people. A big living room is therefore also quite important to them as it represents a space where they can hang out with their friends and organize parties or other social activities.
- Home office: this is not an essential in every Millennial`s home, but there are a lot of people that are working remotely from home or still need to finish their tasks when they get home from work and therefore need a quiet and organized space where they can execute those tasks.
- Low maintenance: as Millennials are usually very busy with work or studying and want to spend their free time somewhere outside of their home, they do not want to spend a lot of time working around the house. For that reason, they prefer a home with materials that are easier to clean and also prefer either not to have a garden or have a small one that does not require a lot of maintenance.
- Terrace or a balcony: as mentioned in the previous point, Millennials do not want to spend their time home cutting grass or mowing the lawn. However, in many cases they do like to spend some time outside in the fresh air. A small balcony or a terrace is something that many Millennials do not think is necessary in a home, but would still appreciate to have it.
- Already furnished apartment: Millennials are often in a rush and in many cases do not have time to run from one store to another searching for new sofas or kitchen appliances. They prefer if the apartment is already fully furnished, so all they still need to do is bring their belongings and move in immediately.
- Common areas: many apartment buildings owners already recognized the need to include common areas where their residents can spend some quality time together. Spaces, such as a gym, a game room or a pool area are a nice addition to the living place of many Millennials.
- Energy saving: saving money is important to Millennials, but most of them also recognize the importance of saving energy. Living environmentally friendly is becoming more and more important and having a home that does not use a lot of energy is another factor which Millennials take into consideration when they are searching for an apartment.
Millennials are creating new trends in the real estate market which are gaining its importance and influence other trends concerning real estates. In addition to all of the mentioned factors, Millennials are also very passionate about travelling and discovering new cities and cultures.
The number of young students spending a semester abroad and young professionals doing an internship in another country is increasing each year. When moving to another country, students obviously also need a temporary home there.
It can be a real challenge to find an apartment in a foreign country where you are not physically present and do not know anyone to help you. Additionally, there are also a lot of scammers just waiting to get an opportunity to fraud someone. For that reason, it is important to find a trustworthy source for finding a place to stay abroad.
About the author: Housinganywhere is an online housing platform for international students and young professionals. They recognized the problem students were facing when going abroad and offer a secure and a scam-free way of booking a room in a foreign country.