Real estate is an industry that will never go out of fashion. There is no way for the market to completely become uninteresting. There will always be someone who needs a place to live and one that they can call their home.
However what the property market has seen in the recent decade is that the cost of homes has risen immensely. For older generations this is a bit of a pain in the backside but it’s not totally ruining their prospects.
Yet for their children it is, as people in their late 20s and early 30s are finding is near impossible to find property that can be deemed a good home. But it’s good new for those that work in the real estate industry as they are easily accommodated by other means.
Of course, young families do want to buy a home but others in their same age bracket who aren’t raising a family want other things. There’s a lot of opportunity to be flexible and offer this kind of buyer something different.
1. It’s not always about the home
Millennials are more likely to look for and take a job in major cities. At least, more so than the previous generations were. This does mean however that they will want to move into something like a condominium or perhaps a high rise apartment like those offered by Meriton.
These apartments are luxurious and also modern. The decor is contemporary and a wide array of materials are used. The view is fantastic, as the coast can be seen from almost any angle.
The local commute is also great as there are many public transport options. This kind of apartment is just what the affluent career minded millennials want. They aren’t looking to settle down but because they work in the city and are now earning good money, they do want something that reflects their new and more finer tastes.
Invest in this kind of property, by buying it to rent or if you can, lease it out for a more flexible approach.
2. Something to themselves
You’ve probably heard and read many stories about urban development that is trying to accommodate the large influx of young professionals. There are lots of creative solutions but many fail while only a handful are being accepted.
Millennials are living in very busy cities, surrounded by lots of people. So, coming back into a neighborhood that is packed and has no much privacy is not very uplifting. Invest in gated condominium communities.
As they get into their late 20s and early 30s, being in a loud and bustling apartment block is no longer that attractive. They want a place that provides space to themselves. Luxury condominiums are also something that you should buy to rent. Search for a condo community that is being newly built and buy or lease as many of them as you can.
There are always brilliant and creative ideas in the real estate industry that will suit the needs of a totally new generation. But mindful that millennial’s aren’t all trying to get onto the property ladder and instead want apartments. However these apartments should be more affluent and luxurious to suit their growing tastes.