Millennials, the generation that rents the most real estate, are changing the real estate sector.
He access to own home It is a big problem, difficult to solve. He rent is imposed as a residence option.
The housing stock for rent is growing. Almost all of the new constructions are intended for investors, who turn the property over to leasing, since the majority of young people prefer to rent.
Many people who previously only contemplated the option of buying a property, now consider living for rent. Even many young people will buy a property to rent it, but prefer to live in a rented property. This occurs both in Europelike in Latin America.
The investor and the tenant
The investor and the tenant have common interests: the property must be well located, preferably a new home, with green spaces and amenities, close to avenues and low common costs. And long term leases.
The owner must care about his property, to attract, retain and support his tenant.
They need each other. And that each one fulfills their rights and obligations. The best coexistence and communication will be the tranquility to maintain trust.
Preferences and requirements
The tenant wants a place to live and takes it as definitive. He does not know how long he will be, he is clear about what he wants, and what he wants is comfort. It will be your home, you will decorate and assemble it to your liking, and enjoy it while you stay.
The pandemic changed where and how people use their own and common spaces.
- Location: It’s the look more important for most people looking for a home. His preference is near avenues, shopping centers, with good public transportation, a quiet and safe area. Surveys indicate that the location is above the price, when looking for a property to rent.
- TO brand new: Tenants prefer new, brand new, bright homes with a terrace. And above all, they do not require maintenance.
- Open and green spaces: They are looking for the property to have a terrace in the living room or bedroom. And green spaces within the complex, to enjoy nature, plants, trees, recreation.
- Low common expenses: Building services are essential for comfort and safety. But they should not be high in terms of cost.
- pet friendly: People choose or reject a property according to the authorization for their pet in the home. It is impossible for them to live without them, they are a great company for all members of the family. Today buildings have to allow the entry and permanence of their pets and have pet friendly areas.
- Gym: They do not always have time, even though they like to exercise, it is important to have a gym and equipment. They want to look healthy.
- Sustainability: A sustainable building, from the environmental and social point of view, which contemplates the design, choice of construction materials, and energy savings during its use, allowing for a significant reduction in operating costs, will attract and retain better tenants, even having higher rents.
- Relationship with manager or owner: For a lasting relationship, the owner or manager will need to listen to the tenant, anticipate their needs, build lasting relationships, and avoid litigation. Both parties should feel comfortable with their relationship and the Communication must be very fluid. The suggestions provided by the tenant must be taken into account. Today the tenant has become more demanding and with a greater decision-making capacity.
Renting is consolidated as a freer way of life without ties. Young people are more willing to rent than to buy. They prefer to rent rather than own. Renting is a booming option that will not stop growing and that has great advantages for the tenant and also for the owners.
* Gonzalo Martínez Vargas is CEO of Moebius Real Estate Consultant.
Source: Ambito
