In the past few years, Generation Y (or millennials) have been very important for industries to understand such as their habits and behavior which will impact the market. It is expected that millennials will affect the upcoming housing market and thus, entrepreneurs should take advantage of their presence.
Millennials are starting to be recognized as the most active buyers in the world. There are trends that are expected from millennials in the coming years like such as purchasing more properties, especially apartments. Even though millennials are recognized as the largest population of buyers, it is still important to know that most of them will be buying entry-level homes since the average value for a home is considered to be too expensive for millennials today. Hence, more millennials will turn to buy apartments that have relatively smaller price tags.
In addition, millennials are living a life that is driven by technology. They tend to find answers to their questions in seconds with few quick finger taps. Therefore, this is affecting how millennials buy their homes in terms of the process since they are known for being very picky when it comes to making their buying decision as they take the research phase very seriously when looking for options prior to buying. Therefore, it is very important for entrepreneurs to increase their online presence in order to please millennial buyers.
However, millennials real estate roles are continuing to shape the real estate market. As millennials are growing and continue to occupy steady jobs, it is expected that their activity in the real estate market will expand and reshape the future of real estate.