You probably already know that different generations of people get different nicknames. For example, people born between mid-1940s and mid-1964 are known as baby boomers, while the younger generation, born between 1980 and 200 are called millenials.
Nowadays the Millenial generation is the leading force in the economy, not just around the world, but also in Nigeria. This is why it’s completely understandable that the real estate market is tailoring itself to fit the taste of the millenials. But what do those millenials look for in real estate? That’s the question we’ll try to answer today. One thing can be said for sure: millentials are very rarely ready to buy property – instead they prefer to rent real estate.
No long-term rentals
While the older generations took stability very seriously and tried to buy their own property as soon as they got an opportunity, younger people prefer to rent apartments for a short period of time. That way they get more space and freedom – with the chance to move out of the apartment or even the city anytime they want to, millenials are more free to build their life.
This trend directly correlates with the job-hopping trend, also very popular with millenials. Unlike older generations, the youth doesn’t want to keep one job for years and even decades. So, if millenials arent’ tied down to one job, they have no reason to buy property, and that is why short-term rentals make perfect sense.
The main reason why the real estate market in smaller cities, villages or suburbs is declining is because young people prefer to live in big cities. First of all, the bigger the city is the more career opportunities there is: for example, check out the latest job offers in Lagos, Abuja, and Oyo.
Second, big cities usually have a well-developed infrastructure, which means the millenials can live in close proximity to hospitals, schools, malls, restaurants, and night life. However, it’s safe to say that if a family of millenials already has children, suburbs might be their top choice in terms of real estate because of their quietness and wholesomeness.
Low service charge
If you’ve ever rented an apartment or house in Nigeria, you already know that renters are expected to pay an annual service charge, which covers property maintenance, repair work, and other fees. However, the service charge is not always affordable.
If there is one thing millenials love most of all, it’s affordability. Of course, there are other factors influencing the choice of real estate, but the more affordable the conditions are, the faster millenials will make a positive decision. Many real estate owners already know this and try to set service charge at the lowest possible rate.
We’ve established the most important thing about millenials – they value their freedom, including freedom of choice, above all. That’s exactly why younger generations prefer to rent unfurnished apartments. This gives them the opportunity to style the property any way they want.
It’s no secret that the choice of furniture depends on the individual’s taste and needs. For example, while a young bachelor who works 12 hours a day might be happy with a bed, a table, and a chair, a young family with children might need a lot more furniture. This is why empty apartments get rented out more frequently.
With the Internet becoming a vital part of our day-to-day lives, millenials prefer to do everything online. They work, study, look for recipes, talk to friends, buy cars, clothes and pets online. This is why, if you want to appeal to a younger generation, you need to speak their language – post your ads online!
The secret of a good real estate ad is simple – all you need is a catchy title, a short but informative description, and a couple of high-quality, attractive photos. We recommend posting your real estate on JiJi – this Nigerian marketplace is one of the fastest growing websites, so your ad will be seen by lots and lots of people, which doubles your chances for success!