Location, tech lures young buyers
July 4, 2019
An exhaustive survey of what author Brett Easton Ellis calls the “wuss generation” but are better known as Millennials, shows that lifestyle, location and high-technology are important to these young homebuyers.
The Millennial Report from the Real Estate Investment Network (REIN) reveals a group that has a different perspective on both home ownership and renting than older customers do, according to Jennifer Hunt, REIN’s vice-president of research.
Specific takeaways for a landlord or home builder to consider include:
- Lifestyle reigns supreme with this cohort—they want to be within walking distance of amenities that add valued experiences to their life.
- Millennials are a digital generation and want their home to run off their ever-present smart phone—install an app-run lighting and heating system, and make sure there are lots of ports available for charging devices.
- Millennials (75 per cent, according to the study) want the latest appliances.
- Millennials are generally not interested in completing renovations themselves—they want a new and trouble-free home.
- Instagram is the number one social media platform for marketing rental properties to Millennials.