Millennials – the generation born between 1980 and 2000 – are known for their love of doing things differently.
This is a generation that loves change, gets bored easily, and is dedicated to doing things that their parents would never have dreamed of.
From jetting around the world while working remotely, to giving up breakfast cereal and opting for buddha bowls and avocado toast, Millennials are famous for their alternative lifestyle choices.
This trend continues where property is concerned. Simply put, people 35 and under just don’t seem that interested in buying homes – but they are an excellent rental market.
Meet ‘Generation Rent’
Millennials tend to value experiences over possessions. When it comes to accommodation, they like the freedom and flexibility that comes with renting as opposed to buying.
Chances are, the trendy young guy who whips up your favourite cup of organic coffee every morning hasn’t been at the same address for more than two years – and that’s how he likes it.
Millennials are more likely to enjoy the adventure of living in different parts of Cape Town to the satisfaction that older buyers feel from owning a home.
For property owners, this presents a unique opportunity to attract younger tenants – but understanding them is key.
What type of homes are Millennials into?
If you’re keen to let your property to younger tenants, here are a few Millennial preferences to bear in mind.
- Millennials keep it simple – granite kitchen counters and spa baths are definitely not high on their list of requirements, but a meditation garden might be.
- House sharing is the norm – you may need to relax your rules on multiple occupants, but overcrowding is still a no-no.
- Short commutes are important to them – a property within walking or cycling distance to work will be hugely appealing to Millennials tenants.
How do you reach Millennial tenants?
Millennials love to organise their lives online or using smartphone apps – but how do they search for accommodation?
If you’d like to target Millennials as potential tenants for your Cape Town home, the Cape Realty team is here to help. Our online presence, matched with a portfolio of properties in trending areas, allow us to reach tenants of all ages – Millennials included.
To learn more about our property rental offering, contact ustoday.
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