Let’s face it – the world today belongs to Millennials and no matter how difficult it is to process, this time belongs to them and everything is made by their measure. According to certain studies, Millennials make up 21% of consumer discretionary purchases, which is estimated to be over a trillion of dollars in direct buying power. Of course, just like every generation, Millennials too have specific interests and trends they solemnly follow, especially when it comes to real estate. Here, we’re going to find out what are the common needs of Millennial students, what kind of preferences do they have in terms of amenities and prices but also what do Millennials mostly search when it comes to real estate.
A study conducted at the Longwood University surveyed 325 students in order to determine their housing preferences. Of the survey respondents, it was indicated that the majority of students, precisely 33% preferred to live in private apartments, while 27% of students said that they either live in traditional dormitories or share a bedroom with a roommate. When it came to the question of preferences, only 3.2% responded that they prefer housing in a traditional dormitory. Once asked about their preferred housing options, 36% of surveyed students responded that they would rather live off-campus, opposed to the 21% of students that would rather live in university apartments and the 11% that would prefer a private apartment. The study concluded that nowadays, Millennials have much higher expectations when it comes to housing preferences, opposed to those of their predecessors.
The Price Is Right…Or Is It?
It’s not a secret that Millennials are used to a certain type of luxury and that they don’t want to settle for less. Of course, it’s important to keep in mind that if you want special treatment, you have to be ready to pay a special price. So, how far are Millennials ready to go when it comes to paying for their student’s accommodation? According to the same study in Longwood University, one in four surveyed students revealed that the cost either had a large impact or was a deciding factor when it comes to choosing their accommodation. This also proposes a big issue, as the higher cost of living also contributes to much larger student’s debts, which has been a major issue in the United Stated for quite some time now. Many students that don’t receive financial help from their parents or universities are forced to take part-time jobs so they’d be able to finance their accommodation.
There are other, equally deciding factors when it comes to the choice and preferences of student’s accommodation. Some of these include the distance to campus, where most students have expressed a desire to live in a walking distance from the university. They also indicated that the size of the accommodation is another important factor, while they’re also ready to pay extra for certain features like a separate bedroom, two bathrooms or a large kitchen space. According to the J. Turner research, 54% of students have 3 or more roommates living with them, while 15% of students reported sharing a room with someone else.
Last, but certainly not the least are the most important amenities in student’s accommodations. One of the most important features apparently is having a washing machine and an in-unit dryer, which means that laundry rooms are becoming a thing of the past. Other than this, private bathrooms, Wi-Fi, cable TV and parking are some of the deal-breaking amenities when it comes to searching for suitable student accommodation.
Housing trends from Millennials differ in more than one ways from the housing trends of the previous generations. These are the preferences and desires in terms of housing and accommodation of Generation X and we can only sit back and see what the future generations have in store for us.
Lana Hawkins is an architecture student and a crafty girl from Sydney, Australia.
She loves writing in her free time, as well as reading about sustainable architecture.