A huge part of home buyer demographics are families. People tend to buy a new home after getting married. Buying a new property represents a new chapter in their life – a chapter of family and stability.
But not the millennials, it seems. According to demographers, less and less millennials are getting married. United States’ marriage rate fell down in 2016 with only 6.7 per 1,000 people are getting married this year.
One of the reasons why millennials are no longer inclined in tying the knot right away is the disappearance of stigma associated with people who have a child out of wedlock. Another is the focus of millennials in their careers. Work comes first before saying ‘I do.’ Travelling and getting a promotion are the new goals that the younger generation wants. Because of this, more millennials are opting for properties that are for rent and not for sale. Their work often requires them to move every now and then, making it unappealing for them to invest in a property that they can won’t enjoy.
This piece of news can take a huge toll in the world of real estate. How can real estate agent cope with these changes? Good real estate agents simply adapt to the new market. Want to attract career driven millennials to buy a property for you? Then follow these simple steps:
Offer more condominiums
Majority of millennials opt for condominium developments. It’s because condominiums are located in accessible places, near to their jobs, and offers a work and play dynamic.
Play the rent to buy ratio card
Turn millennial renters into buyers. When a client is opting for something to rent, remind them that putting their money into a home investment is better than wasting it on something that’s only for the time being.
Scour for fun developments
Real estate developments are learning how to lure younger home buyers. Because of the work and play mentality of millennials, developers are starting to build developments that are not only for residential needs but also for work. There are now developments around the Metro that caters to co-working spaces. Millennials can now work and live inside a single property.
Tickle their #wanderlust
Aside from not getting married, millennials are also known for travelling a lot. Because of this, real estate developers are now keen on building developments located in top tourist areas. Millennials would love on how they can own a property located near a beach and maybe turning it into an instant rental opportunity.
Adapt into new strategies to cope with the ever changing real estate market! Tune in on our blog to stay ahead of the real estate game.