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The growing number of renters in many major cities throughout the world indicates that more and more members of the younger generation are changing their attitudes toward rental housing. Emerging platforms like Travelio and Airbnb seem to support this trend. What are some factors that contribute to this change?
An increasing number of people are choosing rental housing because it offers a more flexible lifestyle than homeownership, especially for baby boomers and millennials, two of the fastest-growing groups of renters. Renting also makes more desirable areas of the city accessible to millennials who are not currently making as much money as they will be in a few years, so it is a way for them to experience the cost, commute, and vibe of a community before deciding on any long-term financial commitments.
According to Global Business Guide, Indonesia needs around 400,000 new homes every year in addition to the massive housing backlog of 13.5 million units. “Many fear that Indonesian millennials will not be able to afford to buy in urban centers,” so property ownership can boost the security of sustainable middle-class growth and long-term economic viability. With Travelio, daily and monthly purchasing plans are available so younger customers have greater choices that may fit within their budgets.
Many millennials are drawn to the energetic urban environment and seek to explore accommodation in locations close to art, culture, and entertainment. Transportation and accessibility are two factors that some consider in the decision to opt for rental housing. For those who are working, the commute can take hours so rental housing offers a greater ease of access and opportunity to achieve a greater quality of life with less time spent in traffic. Plus, the landlord or property manager can take care of many maintenance needs and repairs so millennials can maintain their active lifestyles.
4. Sense of Community
Modern apartment amenities are likely to offer a sense of community enabled by shared fitness spaces, co-working areas, and more. According to an article by Yale, Millenialls have been labeled the most “health conscious generation ever,” especially with the readily available health information on the internet.
As many members of the younger generation are eager to make new connections personally and professionally, these shared common spaces and experiences are likely to invite organic opportunities for residents to incorporate healthy behaviors into their lifestyles.
5. Ease of Maintenance
Another reason many members of the younger generation are interested in renting is that these options remove the hassle of home maintenance. 10% of millennial renters surveyed stated that they preferred to rent for the reason that as a renter, you don’t need to worry about maintenance issues. Sites like Travelio offer millennials an opportunity to choose an apartment that fits their personal budget and accommodation size needs, while also keeping the option open to adapt spaces to their individual styles and preferences.
6. Experience Over Ownership
Many of the younger generation opt for apartments because of the experience it offers, some of them caring more about the spontaneity and social dynamism offered in city apartments as compared to a suburban house. Furthermore, according to CNBC news, delayed marriage has one of the biggest impacts on low homeownership rates: since millennials are choosing to wed later, they are less likely to settle down into a longterm homeownership deal early on. Instead, they are more likely to invest in short-term contracts where they have the flexibility to explore alternative lifestyles without being tied down by a mortgage while they are young.
Millennials are known for moving around and job-hopping. While about 18% of the total workforce switches jobs every 1-3 years, about 42% of Millennials do. Switching jobs often means switching cities, and sometimes switching housing. Online platforms enable millennials to determine the right price, the right location, and the right people with just a few clicks. In fact, studies show that many are also more open to co-living style apartment units, which offers cost-effective shared spaces particularly in incredibly dense neighborhoods.