We’re seeing a major change in the world of real estate right now, and its due in large part to millennials, who are coming of age and entering the workforce. As they get beyond their college years and look to their options for renting or buying property, these young professionals are changing the world of real estate in a few very interesting ways.
They’re More Mobile
In years past, people would get out of college, get a job, and settle down. Today, though, millennial workers are looking all over the country for new career opportunities. They’re more interested in working an interesting and lucrative contract for a few months, staying in a corporate apartment, and then moving on to live and work in a new city somewhere else. They don’t see the need to put down roots immediately, so they’re more likely to rent, and because they’re on the move they’re looking for furnished apartments for rent on a short-term basis, not just long-term rental apartments or houses.
Technology Is Their Friend
When moving to a new city for work, millennials are less likely to go in person to find a home to rent or buy before making the move. Why? Because they know that it’s hard to judge where they’ll want to live in a single weekend and trying to nail down a lease or close on a house from afar can be a nightmare. Instead, just like everything else in their lives, they turn to technology as their best friend for their move.
Basically, instead of wasting a weekend trying to find a place to rent in a hurry, they can go online and find furnished apartments for rent for a few weeks or months. Then they can make a smooth transition without any need to move a lot of furniture or put a huge rush on finding the right place.
They Want to Be Close to Work and Play
Finally, millennials want a fast commute to work, and they want to be in the middle of it all when they move to a new city. They’re more likely to go for spacious furnished apartments for rent in a city center than single-family houses in the suburbs, making a corporate apartment the perfect solution for almost any young professional moving to a new area today.
All this is great news for corporate apartment owners, as these are the short-term rentals of the future, and you can expect more and more millennial renters in the coming months and years.