Oh, no they didn’t.
I am an avid reader of the RENTCafe Blog, which has all sorts of interesting entries about apartment living. And recently I read a blog on their site called “Why We Rather Rent Than Buy,” which posed the idea that members of Gen Y would rather rent then buy, citing reasons such as more mobility, the unstable job market and the fact that people are marrying and starting families later in life.
Fair enough, and all good reasons.
But I beg to differ. If Millennials had the money, they totally would buy. And if constant checks to my Facebook newsfeed are any indication, not only would they buy, but many are buying.
So, get ready to choose your own adventure, people who think Millennials only want to rent—start snapping and throw up some jazz hands a la West Side Story, strut your stuff on the catwalk for a Zoolander-style model-off (left turns optional), or grab your Kangol hat and Adidas tracksuit for some old-school breakdance fighting—because we are going to [metaphorically] battle.
Here are some of my theories why Gen Y does indeed want to buy property.
Reasons Millennials Do Want to Buy
If you can afford it, buying property is still a good investment. Obviously, no investment is fool-proof, as we all learned during the market crash and subsequent housing crisis. But Millennials know that if they can buy something now, while the buying is good, there’s a chance that their property will eventually go up in value. And in the mean time it’s a good place to hang their hats (and by hats, I clearly mean “ironic” straw fedoras). And speaking of good investments…
Millennials are savvier with their money. Gen Y is taught earlier—as they should be—about money. Or maybe they just want to be like Mark Zuckerberg or Sean Parker and be young and rich. Whatever it is, Millennials don’t just have their money stuffed in their mattresses. They are more willing to take risks for bigger payouts, which involves ventures in real estate.
Condos are popular again. Condos no longer have the stigma of just being for that zany great aunt in Florida who painted her walls pink and her eyelids baby blue. Many new condos are popping up in popular urban areas amid bars, restaurants and shopping and offer tons of luxury amenities such as concierge services and fitness centers. Essentially offering Gen Y the perks of being in a cool apartment close to their jobs and all their friends, but with the added bonus of allowing them to be property owners.
There’s an influx of property-buying shows on TV. You know why there was such a hubbub when it came out that HGTV’s House Hunters was staged? Because people are now super into those shows, and they want to think buying property is easy. These shows make it seem like everyone is buying right now, especially when the shows highlight younger buyers. Why would TV lie to us? That’s just mean.
What do you think? Are Millennials looking to buy or rent?
-Jessica Fiur, News Editor