How millennials are changing the housing market

Millennials are increasingly looking to become homeowners. Here are four trends that are gaining in popularity as more of them enter the housing market.

1. Intergenerational living
It’s increasingly common for millennials to live with their parents, even after they’ve started a family of their own. Laneway homes and basement suites are very popular as they allow kids to buy into the home and eventually take over the main living area. This has the advantage of letting parents downsize without moving.

2. The sharing economy
Renting out part of their homes allows millennials to maintain their quality of life while making it possible for them to invest in real estate. Houses with areas that can be rented out easily are thus in high demand.

3. Move-in ready homes
Millennials approach the housing market with limited financial resources and with a concern for their work-life balance. Many of them aren’t willing to spend time or money on renovating a house or buying new appliances.

4. Accessible neighborhoods
The importance of location isn’t new, but millennials tend to value living in areas that are within walking distance to their place of work. The proximity of shops and public transit are also important.

Developers, investors and anyone intending to buy or sell a home should keep these trends in mind, as they’re likely to become more influential in the coming years.