Whichever news website you happen to stumble upon, you’re almost guaranteed to discover some sort of discussion about millennials. A seemingly unpredictable generation, this demographic group have prompted great interest from sociologists and economists with regards to their behavioural and buying traits. Millennials are the first group of true digital natives, so it is perhaps unsurprising they receive so much attention. They’re leading the way and shaping the future, after all.
You can’t move for studies about millennial preferences on culture, fashion, and communication, but what about when it comes to property? This group accounts for more than a quarter of the total UK population (16 million +), so landlords can benefit enormously from taking the time to cater for their tastes. But what exactly are millennials looking for in a tenancy? Let’s take a look…
A job isn’t for life anymore: a trend that millennials have made abundantly clear. Young workers hop from one place to the next with intriguing regularity (at least, compared to the generation who came before them), so contract flexibility is important to many of these potential tenants. Their career path may veer off into an entirely new direction without warning, so a bit of wiggle-room in a tenancy agreement is preferred.
Strong transport links
The high and complex costs associated with car ownership mean that a large proportion of millennials opt to use public transport to get around, both when it comes to the work commute and visiting places in their spare time. Even those young adults who don’t take the bus, train, or tram regularly still like to have the option nearby if the weather is too wet to walk. Resultantly, any property that’s positioned close to excellent transport links holds massive appeal for a Generation Y tenant.
Millennials love to go out and enjoy themselves, although a lot of them don’t necessarily have the funds to do so on a regular basis. That’s why a lot of Generation Y’ers are factoring their environment into their decision before they settle on a property. If the local area serves up affordable evening fun (cheap bars, quirky and inexpensive restaurants, a gym with reasonable rates) then the neighbouring properties are likely to appeal to this particular crowd.
Digital and appliance-friendly environment
Millennials don’t just like the internet – they are utterly dependent on it. That’s why signal strength is always a major factor for them when they pick a property. Many members of this group are also tech-savvy, possessing a number of digital machines and appliances that require electricity to charge and/or operate. Subsequently, a plentiful supply of sockets are also important to Gen Y tenants.
People all over Britain cringe when they open up their energy bills at the breakfast table. Gen Y in particular. Given their adoration for technology, millennials are looking for every possible way to cut back electricity consumption. A house with lots of natural light, for instance, will tickle their fancy as they won’t need to switch on the lamps.
Get in touch with Summermere today for further guidance on how to make your property millennial-friendly. According to many, this demographic group are a maligned generation and consider themselves as much. By offering residences designed perfectly for Generation Y, you can start to attract a whole new cluster of appreciative tenants and gain a fresh foothold in the market.