Generation Y on the property market
Text from 2016. Laws, rates and prices may have changed since then. Ask an agent
Today a few words on the generation that is a great unknown in the property industry – Generation Y, born 1983-1997, known as millennials. At ease in the digital world of social media, active online, completely at home with innovative technologies and unstable in terms of work and housing. How do they cope on the property market?
Quite well, in fact, though they are guided by entirely different criteria from traditional generations. They find listings of flats to rent or buy skilfully and at lightning speed, but they opt above all for short-term transactions, which stems from the nature and pace of their lives.
Generation Y does not become attached to one place; it moves around, travels and seeks new experiences. The preferred location for millennials is usually the city centre, with easy access to the other districts and in close proximity to public transport. Continuous development and a meteoric career are at the top of their hierarchy of values, while stability sits much lower. They live online, rarely log out of the virtual reality that is very often part of their work. They change addresses, move around, and are the engine of the property market.
Millennials expect constant interaction from the industry and mobile access to information about properties. Rental and sale listings must stand out with interesting content and exceptional interior photos in order to win the interest of Generation Y. Hence the presence of home stagers on the market is highly desirable.
Generation Y invests in property very cautiously. Renting a flat is usually linked to their current professional situation; young people are usually guided by what is here and now, and long-term commitments make them somewhat uneasy.
More observations coming soon.
Kind regards, Marta Kulawik
