Ever wondered what drives people to urban areas, pulling them like a powerful magnet? Jobs and prosperity make urban living alluring. Currently, half of the world's population resides in urban areas, and many reports suggest that by 2050, the figure will rise by two-thirds.
Today, India proudly addresses itself as the largest millennial population, constituting 34 percent (450 million) of its total population as of 2021. Gen z and millennials are two generations defining the nation's economy and shaping the landscape of the Indian real estate sector. Indian affordable housing market is valued at USD 1824.35 million in 2022. This market is anticipated to project robust growth in the forecast period with a CAGR of 19.80% through 2028. So, what is the country's youth searching for when trying to find an affordable rental house?
Millennials believed to be prudent in their rental housing choices, value affordability. As a result, there is rising demand for cost-effective, affordable homes in Urban areas or tier-II, tier-III cities. They believe that finding a good property means defining the good property. What makes a piece of property worth owning/renting? Though some millennials and students also search for co-living arrangements and micro apartments, they soon become too problematic to afford due to the lack of basic standards. Lack of privacy, absence of gated security, non-reasonable pricing push millennials to ask the most common question, "Can you find me a good property, please?"
Here we discuss the creative ways millennials discover affordable rental homes in expensive urban areas.
Tech-savvy millennials are reshaping the real estate market by embracing technology. They researched online rental properties, connected with real estate developers, and even completed the transaction by technology. As per the data of FutureMarketInsight, online home rental market is expected to expand US$18.24 Billion by 2023.They also prefer smart home technology that enhances convenience and security; it increases the value of premium rental homes.
Today millennials are checking something beyond basic amenities that can bestow a feel-good factor. They search for the rental homes which are just not about sounds good, but good for the soul. The perspective of millennial home renters is changing. They want to rent or lease homes those provide a long duration of comfort and security with minimal upkeep.
Questions such as where the property is situated and "On what land/plot the property is" are some preliminary questions that should be answered. Affordable rental housing projects are located in developing or peripheral areas of cities, where it needs to be evaluated the location's connectivity to major employment hubs, schools, healthcare facilities, options of transportation like metro connectivity, trains, buses. It is an important consideration. As per the report of TimesProperty, the Whitefield Metro effect is transforming Bangalore’s outskirts into a hub for affordable rental homes.
As per recent reports, energy-efficient buildings in India have witnessed energy savings of up to 30%. As per the current data of MarketResearchFuture, energy-efficient facilities in India have seen energy savings of up to 30%. The technology of energy-efficient building or green building practices includes:
According to the market data of Meraqi Advisors, the BTR market is worth an estimated USD 8 billion in India.
It is believed by many real estate developers/ investors that architects and designers have the skills to deliver housing that addresses these critical issues of affordability, sustainable design, and urban density. This has taken the form of architect-led development and build-to-rent concepts, bridging the gap between renting, and owning your home.
Affordable housing is not just a useful design; architects can make a difference by improving people's lifestyles, creating meaningful communal spaces and aesthetics. That is something millennials search when they are taking a home rent.
A study shows by YahooFinance reported that millennials prefer smaller homes because they are more interested in minimalism than boomers. Many millennials are searching for 1 bhk in Whitefield, Bangalore or ready-to-move flats in Bangalore, Pune, Mumbai, etc. The developers should keep this in mind while developing properties that can be indeed called Millennials' homes!
Today young home renters research the reputation and track reports of the real-estate developers before renting an affordable housing or property. They check the developer's past projects, delivery record of accomplishment, and financial stability to ensure the trustworthiness of a developer.
Once affordable housing was an innovative concept; a tremendous amount of artisanry between a great idea and an excellent product. Today the concept has become a reality. We understand that the right to adequate rental housing is more than having a roof over one's head; it is the right to live safely and in a decent home. Here in Kots, we curate the finest experiences to harmonize a global way of life. We know that a home is not just a rental or leasing investment of money and time. It is the reflection of millennial home possessors’ unique identity.
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