What are the popular choice of rental properties for the modern millennial?
Over the years and with the rise of the millennial generation, the rental trend has grown around the world, and for a number of important reasons. Millennials are much more inclined to live as renters than the older generations, and there are many socio-economic factors that play a vital role here.
Given the fact that millennials do not possess the buying power of their predecessors and that they don’t like being tied down by mortgages and hefty loans, they tend to choose renting over buying, even though buying a home is a popular step among many millennials as well.
With that in mind, it’s no surprise that nowadays you can find a myriad of rental options, ranging from the increasingly popular serviced apartments to city pads and lofts, all the way to rental houses and granny pads. Today, we’re taking a look at the popular types of rental properties that appeal to millennials around the world, and what each brings to their modern way of life.
1. Traditional city pads
Living in the big city is always going to be appealing to the millennial crowd, simply because the modern millennial wants and needs to be close to the action. It’s important to remember that many millennials live fast-paced, busy lives and that they need to choose a conveniently located apartment that will help them get to every meeting and overcome any challenge. Of course, this has a couple of caveats.
Keep in mind that many millennials are leaving the big cities as well in search of some peace and quiet, so it’s important that the apartment serves their needs and allows them to detach themselves from the hustle and bustle outside. In other words, modern city pads need excellent sound isolation, privacy, and modern décor that brings peace and functionality to the life of the millennial.
2. Eco-conscious and sustainable homes
Green living has never been more popular than in the time of the millennial renter and homeowner. Millennials and Gen Z-ers are more passionate about the environment and the sustainable way of life than any other generation before them, which is why these young demographics place sustainable homes above all others in the real estate market.
Millennials are increasingly searching for and prioritizing eco-houses and eco-friendly living in their attempt to conserve precious resources, aid the preservation of the environment, and minimize financial waste in the process. This is why future-oriented landlords are rapidly investing in green transformation and conversion in their rentals.
In the modern, eco-conscious and sustainable rental, you can see water conservation features like smart appliances, faucet aerators, and low-flow toilets and showers. You can also see energy conservation features like smart lighting and passive conservation like quality insulation. It’s also important to note that smart technology plays a big role here, because a smart rental allows the millennial to optimize their spending and minimize water and energy use throughout the year.
3. Serviced apartments
By far, one of the most popular rental options nowadays is the serviced apartment, typically found in the bustling cities where the fast-paced lifestyle begs the need for an apartment that takes care of itself. In other words, modern service apartments combine comfort with shared spaces and convenience to create a living environment that’s completely optimized for the needs of the millennials.
A serviced apartment typically comes ready to use as a practical living space with a bedroom, a bathroom, and a work area, while other rooms are shared by other tenants like the kitchen and the common room. However, the biggest appeal of serviced apartments is the fact that the building staff takes care of the cleaning, the towel and linen changes, and other chores that would normally take a big chunk out of your time.
4. Granny pads
Granny pads might have a misleading name, but they are actually very practical homes intended for any generation of renters. These are typically downsized homes built on the property of the landlord, boasting everything a millennial needs to live and work comfortably, but with a lower cost of living.
This is a great option for millennials who want to live in close proximity to the landlord should anything come up, but also have enough privacy along with some peace and quiet. Given the fact that these properties are typically attached to the main property’s power grid and water supply, the millennial wouldn’t have to worry about maintenance, repairs, and upkeep.
5. Open floorplan lofts
Living in the city can be expensive, which is why millennials often choose to share their living space with family and friends. Divvying up the costs of renting a big apartment in the city can be much more cost-effective than paying for a smaller place all on your own, which is why open floorplan lofts have become so popular in recent years.
Lofts are located on the top floor of many buildings, and some have been converted into livable apartments from storage areas and other utility spaces. These are open floorplan apartments boasting a lot of free space and they can typically house around four people. Without a doubt, city lofts will continue to be popular in the years to come for millennial and Gen Z roommates because of their location and lower fees.
6. Bachelor pads
A bachelor pad is another popular choice of properties for the modern millennial, but the ones who are single and focused on other goals than family or throwing large gatherings. These pads are very small and are intended to house just one person, typically located in the city center to compensate for the smaller space with its lower price tag.
Millennials prefer these smaller 250-600 sq feet apartments when they’re single because the rent and the expenses are lower. Some bachelor pads come with all the rooms and amenities like the kitchen and the bathroom, while the micro-apartments come with a sleeping and work area while the kitchen and bathroom need to be shared with other tenants on the floor.
Millennials are big on renting nowadays, and nobody can blame them given the fact that buying property is not the safest choice in these trying times. These are the most popular types of rentals among the millennial crowd, and landlords should focus on renting these spaces to millennials in 2021.