Millennial Generation: Housing Desires & Rental Needs

Millennials are expected to outnumber Baby Boomers 78 million to 56 million by the year 2030. The Millennials (those born 1980-1995, approximately) share some specific desires regarding their housing needs. Some young people can’t qualify for a loan or can’t afford a
down payment and must rent. Others can afford to buy a home but opt to rent while they find their place in the job market. They prefer
amenities included in the rent–like the use of a gym or gardening/pool maintenance. Often times small is good for them since this generation
is trying to save money on things like their utility bills.

This group, at about 80-million strong, will make a big difference in our housing and economic future. This is presumed to be a huge rental
market opportunity for landlords. A recent study by Boston Consulting Group came up with this picture of Millennials: They have money,
they’re careful how they spend it, they’re smart, they’re practical, they move around, they’re always in a hurry, and they’re big on corporate culture.

If you’re a landlord interested in targeting this massive generation for housing needs there are some key points to observe. This group has grown up with technology, so finding a place to live will likely come by way of the Web. To be competitive as a landlord, you have o market to this generation where they are familiar with getting their information–that means going beyond printed paper and traditional websites. Highlight energy-efficiency systems you’ve put in and how much tenants can save on their utility bill. Demonstrate the easy-to-care-for simplicity of your home.

Since this generation is young, it is obviously ever-changing and developing.
By Micah Stovall
Sources: RealtyTimes, Boston Consulting Group