The real estate sector has been going through a significant change in recent years. While real estate is always changing based on the current situations of the market and the economy, this time the reason behind the change is different. As time goes by, the client portfolio changes.
Millennials and Gen Z have become involved in the real estate field and are actively seeking to either rent or buy homes. However, generational differences impact the real estate sector and take it in a new direction. In this article, we are exploring the situation, perspective, and habits of both millennials and Gen Z. Let us take a look at how they are affecting the real estate industry going forward.
Less Buying Power
While millennials seem to have more buying power and chance to become homebuyers, Gen Zers are new graduates who are yet to have enough buying power to become homeowners. Even though millennials seem to be more interested in investing in real estate, Gen Zers are prone to be renters. Yet, this doesn’t mean they are not planning to buy a house of their own. Gen Zers are more likely to save money today to invest in a home in the future.
Both millennials and Gen Zers have a similar idea of a home. They lean towards houses that are ready to be moved in. Living intertwined with technology, they also want tech-oriented homes that will make everything much more accessible. The lifestyles of these two generations affect what they look for in a house as well. Considering that they are either working remotely or are digital content creators, they may seek houses with enough space for such needs. Leaning towards more minimal homes, they also enjoy neutral colors and open-concept kitchens.
Homes That Ease Life
For millennials and Gen Zers a home is a haven which is why they want their homes to be problem free. This means they are looking for easy-to-maintain places where they can easily build their own life by decorating to their heart’s content. They place importance on the aesthetics of the house. They want the house to match their style and look pleasing.
Even though millennials and Gen Zers use technology daily, they are concerned about the environment and using energy-efficient solutions. Therefore, properties that are environmentally friendly or energy-efficient tend to attract their attention. It seems that going forward, sustainable real estate projects will be more in demand by millennials and Gen Zers.
The changing buying habits and lifestyles of millennials and Gen Zers are affecting the real estate industry in a way that will shift the future of real estate projects. To fulfill the demands of these two generations, the projects will need to prioritize the environment, the use of technology as well as making life as easy as possible.