India is the home to the world's largest millennial population, constituting 34 percent of India's population. A recent study reveals that 75 percent of millennials hope to invest in the real estate sector. The Housing market continues to evolve, and a new trend is coming: "Small Apartment! ".The small home has quite popular in recent years as lots of millennials are embracing a minimalist lifestyle. With the affordability of price or rent points, unique designs, and eco-friendly features, small apartments are shaping the housing landscape in a significant way.
Minimalism for Millennials: Clear Surfaces, Clear Mind
Today, millennials prefer minimalism a lot, irrespective of which country they come from. Minimalism suits the transient lives that millennials live. They are more into the style of life than to the stuff of life. They believe that beauty lies in its simplicity. They prefer the warm and welcoming attire, the timeless White, and the design of an apartment seamlessly integrated with technology. It should be customizable as well as remotely controllable. As per the data of ScienceDirect, 78% of millennials, compared to 59% of baby boomers, exhibit a consumption preference towards minimalism. It is not just on the minimalist design or minimalist home decor. Be it dollars, euros, or rupees, they opt to spend their hard-earned money on the experience rather than materialistic items. Not only that, health and environmental consciousness are also high on the list where they put both energy and money. Besides, millennials' minimalism can be summed up into three following points.
Live Purposefully through experiences rather than things
So, minimalism aims to break down from an excessive lifestyle, and it is a living that takes you back to the roots. The objective behind the living style is 'Less is More.' The simple and basic minimalist home interior is meant to be calm and exude a peaceful aura. As per the survey of Real Research, 58.05% of millennials consider themselves minimalist; moreover, 9.89% want to achieve a simple life by becoming a minimalist, and a further 4.78% can see an increase in productivity this way.
One thing that people tend to avoid in their homes is having too much space. The minimalist embraces the idea of uncovered walls, bare floors, and bare surfaces. Countertops, study tables, and desks require a quick minimalistic fix for a decluttered space. These are all everyday items, but if it is not everyday's items, they love to keep them hidden away for added space and order. Living simply, organizing, and controlling everything is an enchanting lifestyle choice. Apart from this, the growth of minimalistic décor and home design is influencing minimalism.
Then, it comes to environmental concerns. The aesthetic of living space is paramount to millennials. With creative ideas, exposure to more significant trends, and adherence to values, they are willing to go the extra mile to accommodate their requirement. Themes like the vast array of raw materials, lots of colour pallets, and unlimited décor as a beautiful furnishing option provide them with a wide range of choices. As per the record based on Washington DC, 80% of millennials agree that global warming is a fact, and 65% agree that humans are the leading cause. The "Green Generation" is concerned about climate change, recycling, and reducing the carbon footprints those all have added to the mass adoption of a zero-waste culture.
Rest assured, the concept of home is far more inclusive than another. The outer open space is far more critical than the inner space. Millennials want natural access to sunlight, fresh air, and maximum greenery; balconies and terraces should be planned at the design stage and converted into aesthetic spaces. A garden, study space, and reading space are just the options that redefine the home's functionality. They choose to live in apartment blocks expect amenities such as a gym, nearby grocery stores, vegetable stores, etc. Millennials are willing to spend the extra money as long convenience is a mantra they swear by. They also expect a pet-friendly community living space. As per Business Wire's report, 85 percent of people globally indicate that they have had a paradigm shift towards their purchase behaviour that makes them more sustainable in the past five years. Today, they are savvy enough to understand energy management's concept and demand side. They want to rent to a smart home system that enhances convenience and improves security.
As per the environmental concern, a report suggests that millennials feel worthy of a home that is
Smart Home Technology
Enhanced Outdoor Living
Net Zero Carbon
These are the minimum sustainable priorities for their homes. As per the report of CNBC, global investors contributed 51.1. trillion dollars to sustainable funds in 2020, compared to less than 5 billion dollars five years ago. Whether tiny or small, millennials want sustainable property to live, buy or rent.
Bangalore is the central business place to find employment for many millennials. Lots of millennials across the globe are searching for apartment for rent in Whitefield. The apartment can be small, but they want a cozy place with all functionalities and amenities to address it as a sensible home. It may be minimalist so that they can find a place to way back home. Still, it must be eco-friendly and sustainable with added advantages of water conservation, solar power, recycling, landscaping, etc.
They Choose Smart Homes with Security and Privacy
A recent survey showed that millennials aged between 27 to 36 years are the generation that is more enthusiastic about smart home technology, and they are willing to pay 20% or more for smart homes. As per data from key smart home statistics, there were 258.54 million smart homes worldwide. There were 258.54 million smart homes worldwide, and households will spend $19.4 billion worldwide on security systems. They choose an apartment complex that bestows utmost security, privacy, complete privacy, and the hybrid gated community.
Easy Maintenance Matters a Lot to Millennials!
Millennials are opting for low maintenance houses. Maintaining small homes with amenities is more accessible than maintaining a big house. One reason millennials choose small homes with big styles is that it is highly time and energy-saving.
Millennials Want Small, Affordable Home
Today, Indian millennials are searching for budget-friendly, affordable homes. Affordable homes are today an increasing real estate trend. As per the data, the Indian affordable housing market was estimated at USD 1824.35 million in 2022. Small apartments are comparatively less expensive than big apartments and are cost-saving for millennials.
Apart from this, accessible and essential access to necessities near the home, fashion, entertainment, and urbanized location drives millennials to choose a property where they can live in big style. In Bangalore, they choose good neighbourhood areas such as Whitefield, Bellandur, where hospitals, educational institutes, banks, and shopping complexes get easy access.
Small Homes: The Nuclear Family Value-holder
It is okay to have a 1 bhk house, but filled with completeness, tranquility and a transforming experience resurgence of family values. This generation believes in nuclear families and small houses are perfectly fitting with their conception.
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