People of all ages can participate in the real estate industry. Whether they rent one of the apartments that UMoveFree is suggesting, buy a home to live in, or even buy a place to rent out, there are several ways to get involved in the industry.
But of all the potential homeowners and renters out there, no group is more involved in the industry than millennials. According to housing market predictions, millennials will make up over half of all mortgages taken out throughout 2020.
In addition, many millennials are actively renting apartments and homes across the country. Because of their involvement in all aspects of real estate, it is important to familiarize yourself with their trends in the industry. With that in mind, this blog post is going to look at some amazing millennial real estate trends in 2020.
Millennials are Often Interested in Non-Traditional Options
One big trend amongst millennials in real estate is that they are seeking out non-traditional options. This can range from living in tiny houses to living in prefabricated homes even to living out of RVs. In addition to that, many millennials will continue to prefer renting over buying.
Millennials love the flexibility and don’t want to be tied down somewhere for too long. Many change jobs frequently, and want to be able to up and move if they need to, without having to worry about selling a home.
Also, millennials are generally much more willing to move cities than previous generations, which makes renting great for those interested in easier mobility. So if you haven’t already, marketing rental properties to millennials is a great way to garner interest in many areas of the country.
Millennials are Increasingly Looking for Smart, Sustainable, and Efficient Homes
Another trend amongst millennials is the types of things they are looking for in a home or apartment. While everyone is different, there are three things that most millennials are interested in: smart homes, sustainable homes, and efficient homes. Smart homes allow millennials a more convenient lifestyle and give them more control over their homes. There are several ways to make a home smart, with more sure to come out soon.
Millennials also want their home to be efficient and sustainable. Many care about the environment and want to do their part to reduce waste and cut down their carbon footprint. They look for efficient appliances, homes made with sustainable materials, homes with gardens, and other things that are generally seen as eco-friendly.
If you are looking to rent or sell a home to millennials, keeping these in mind can help you separate yourself from your competition.
Millennials Want More Digital Options When it Comes to Real Estate
Many millennials are comfortable operating in a digital environment as many grew up with technology all around them. As a result, millennials want digital options when it comes to real estate. They want to be able to do virtual viewings and to search for their next home online. This saves them a lot of time and is generally much easier and less stressful.
Because of this, as well as the Covid-19 pandemic, platforms that can help with virtual viewings and digital home searches are going to become more popular. There are even digital mortgage platforms being created and deployed that are allowing people to apply for and manage their mortgages in a completely virtual manner.
Landlords and rental companies should also allow for lease agreements to be handled virtually. In addition to being great for millennials, this can be a simpler and a more streamlined method for all parties involved. If you can provide people with a good experience, without them having to meet anywhere, print anything, or wait in an office, it should be beneficial to your success.
In conclusion, millennials are without a doubt going to play a massive role in the real estate industry in 2020 and beyond. We hope this article has helped you learn a little bit more about some of the trends we are seeing among millennial buyers and renters.