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Why do Millennials Prefer Living in Small Places?

17/11/2020

Why do Millennials Prefer Living in Small Places?

The millennial generation also known as Generation Y is the one born between 80s and 2000s and is known for their tech-savvy approach. Interestingly, millennials belong to the largest living demographic and have been playing a significant role in reshaping the real estate sector. It is because previous generations have always dreamt of owning a home – a large home but the millennials tend to be happy living in small houses or apartments, choose to rent and adopt a flexible lifestyle.

Millennials might not be investing in plots and properties as much as the baby boomers used to do but they choose their residential pads according to several other factors such as job, price, location, affordability and available amenities.

Why do millennials search apartments?

Needless to say, that millennials have triggered a never-ending wave of change in the country’s real estate sector. Majority of millennials tend to buy or rent smaller units, as smaller units are convenient to manage, easier to sell than larger properties, fit into their budgets and suit their flexible lifestyle. It is easier to sell smaller properties like a 5 marla home in Pakistan rather than a 1 kanal house.

The millennials look for small homes and mostly for apartments because these properties are easier to maintain, take less time to clean and do not require efforts for paint and repair. Seeing the trend, most of the architects and property developers have shifted their focus from launching private residential societies to apartment developments within city - ensuring right demand and supply balance.

You may be surprised to know about these factors but the truth is that life is fast paced now and everyone looks for smart ways to manage home. Less space means less mess, which eventually means less efforts to clean, sweep, and mop the surfaces. Moreover, people in this age group are young and energetic so they prefer doing it all themselves and save the money that can be spent on hiring help.

Moreover, another reason why millennials prefer apartments is because apartment projects are well-facilitated. These buildings offer 24/7 concierge services, electricity back-up and security being one of the most important concerns is greatly dealt in apartment buildings. Almost all the apartment buildings have pre-installed CCTV cameras and the residents do not have to hire personal security personnel. What else a person wants, who is not staying at home for most part of the day.

While talking about high-end apartment projects to dwell in, there is another option, being popular nowadays and that is serviced apartment. Serviced apartments are extremely popular among the millennials because they aim to blend functionality with flexibility, privacy with convenience and ease of managing homes with the hectic work schedule. A serviced apartment offers all where they can start life instantly and can catch up their social life without wasting much time in settling down.

Similarly, they prefer renting the apartments than investing in small homes or plots. Renting requires accustomed rent and bills but the home ownership requires a much larger financial obligation. Though a large number of millennials want to buy homes but the affordability is the biggest obstacle. Majority of millennials have not yet settled and are on a tight budget, this is easy to conclude.

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