The Millennial Impact on Leasing

Millennials Morals and Purchase Interests

With millennials currently make up a majority of the population, their influence remains strong in the ongoing trends we see across every aspect in life.  They are a generation of individuals who live in accordance with the own rules they set for themselves.  The source of independence and ambition runs deep which is demonstrated in how they live their life, especially when it comes to the idea of purchasing a home.  The growing trend of homeownership across the millennial market is at a steady low due to several contributing factors.  Examining the effects of these components, outside of the effects of financial constraints, such as student loan debt; the ideology of pushing the so-called “family life” until much later in their age is a popular belief.  Millennials tend to prioritize other interests and areas to invest their money in such as travel.  The aftermath of this behavior displays increasing favoritism to short-term leasing.

Savings Benefits of Short-Term Leasing

Short-term leasing offers allow the benefits of having a home’s features, like a large kitchen, privacy, without the financial burdens.  Thus, granting the on-the-go millennial to stray away from residing in hotels and other similar options that include additional fees, regulations, and such.

Comfort & Convenience

The growing demand for furnished short-term buildings is guiding the way developers and landlords act in the real estate market.  Since the start of the COVID-19 pandemic, many millennials are working from home which is also a determining element to this all.  It will not be surprising to see just as many short-term leasing listings as rentals head spearing into this new year.

 With monetary accounting having top-of-mind awareness for millennials, short-term leasing provides a cost-effective way to continue into adulthood.  Allowing the comfort and convenience millennials strive for.