Are Millennials Leading a Revolution in Housing Trends?
For years now, economists and social scientists have been warning us that the millennial generation holds the power to transform society’s values and political base in ways we have not yet even imagined. This demographic group can exert inordinate influence through the sheer power of their educated numbers combined with their familiarity and comfort with the use of digital media and technology. Generation Y is already recognized as a force to be reckoned with in the workplace and in consumer marketing. When it comes to lifestyle choices and real estate, the millennials are already beginning to flex their collective muscle.
For as long as most of us can remember, it was the dream of every Canadian to own their own home. After school, you rented with room mates for a while before graduating to your own apartment or condo and eventually moving up to a single family home in the suburbs with a partner or spouse. Millennials are taking this well-worn paradigm and turning it over onto its head.
After being forced to rent under the weight of crippling student debt and wildly-inflated housing prices, this diverse demographic sector of our society is now embracing the hand that was dealt them and choosing to rent rather than own a home. In their trend-setting migration back to downtown rentals in city centres, the millennials are not alone. They are joined by a vast cross section of the population, including their baby boomer relatives who are following the same path in droves.
The new renters are embracing the flexibility and mobility that renting offers. In addition to making it easier to pull up stakes and accept a job opportunity across the country, renting affords apartment dwellers the luxury of knowing exactly how much they will need for housing costs each month. Leaking pipes and broken furnaces are the landlord’s headache – not theirs. Today’s urban renters want a comfortable and safe home with nice amenities but they are willing to sacrifice square footage and potential equity to free up money for travel and recreation.
For property owners, investors and real estate professionals, it is time to take notice of the millennial driven movement toward renting vs. owning. It is a trend that appears to have staying power and may revolutionize the residential real estate market.
Are you looking to Sell or Buy a home in Calgary and need someone who won’t rest until you’ve found your dream home or until your home is sold? I’ll work hard to earn your trust and to deliver exactly what you need. Contact me at 403-589-0004 or at TheHowardTeam.net.
About Bryon Howard
Bryon Howard and his team of Calgary real estate professionals sell an average of two homes a week. He is a member of the MLS Million Point Club, which ranks him roughly in the top 1% of productive realtors in Calgary. His aim is not just to please clients but to help them buy/sell a home in Calgary at the best price, in the shortest time, and with the least hassle. He is a member of the RE/MAX House of Real Estate that leads in the Canadian market. Learn more about Bryon at TheHowardTeam.net.
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