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September 2019


Blog by Power Properties | August 30th, 2019


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Who are Millennials and why should you care? According to the Real Estate Investors Network (REIN):

 

  • Millennials are the largest demographic in Canada, so they influence the economy and culture, including real estate, which means their preferences will impact housing trends for years to come.

  • Given their sheer number, as the baby boomers retire and millennials age, they will become the primary economic contributors to our economy through their consumption, which includes housing, whether as a renter moving out of their parents’ home, or as a   purchaser.

  • Millennials want to be homeowners, but at this time, given their financial constraints and the affordability challenges they current market presents, they have adapted their needs to match their reality, meaning a great number of them are renters. 

 

Okay, but what do they want? According to the same report by REIN the top five “must-haves”  desired by millennials are

 

  • New appliances

  • Urban core location

  • Two-car garage

  • Luxury kitchen (there is some irony here as a significant proportion of millennials also report using food delivery services on a regular basis)

  • Hardwood or solid surface flooring

 

In fact, many will pay a premium and will sacrifice square-footage to be in the right location close to amenities like transit, nightlife, and gyms. Overall they value lifestyle above all else and make choices accordingly. 

 

Knowing your target market is key to getting your property rented. Power Properties has adapted many of our systems to work with millennials, a generation that has been immersed in technology practically from birth. We use text messages to arrange showings, we use online applications and digital signatures for contracts, and target potential tenants on Facebook, Twitter, and of course millennials’ favourite Instagram. 

 

Making your property millennial-friendly will go a long way to ensuring your property is rented. If you have questions on how you can make your property more attractive to millennials feel free to reach out to me.

 

Jamie Palmer CPM®, Realtor®, B.Sc. (Hon).
President
Power Properties