The millennial generation have become known for their love of avocado and their unwillingness to leave the family home. The latter of these two attributes is in part due to the fact they came of age during a growth period in the property cycle, which saw Australian property prices rise and a boom in new urban development.
Many of the millennial generation have looked at what their parents had to deal with in comparison with what they now face and made a conscious decision not to enter the property market. For this reason the millennial generation has earned the nickname of Generation Rent.
This is positive news for those who have already invested in property and provides incentive if you are in the position to consider investment. As more and more of the expanding generation look to the flexibility and freedom that is afforded by renting rather than being chained to a mortgage and repayments, the demand for good rental properties will also rise.
These properties won’t need many of the features sought by earlier generations. Big back yards and gardens can be time killers for Generation Rent. Rather the millennial renter is looking for a great location – close to stations and cafés; the lifestyle is key. Also important is storage space, decent cooking and laundry facilities in the home, and a modest outdoor space that doesn’t require a weekend of upkeep.
A boutique townhouse in a suburb within a 12-15 km radius of the CBD can meet all these requirements and be the investment that looks after itself.
Accrue Real Estate offer a unique property acquisition service that can assist you to realise your investment property dreams.
Image attribution: By Photos public domain [Public domain], via Wikimedia Commons