Millennials less interested in buying property

For many people, owning property in Parys and setting up roots would be a main priority soon after completing studies and getting to work. However, in the Millennial Generation, this is not exactly the case, as more people are opting to rent rather than purchase a home.

Of course, when reading the latest property news on the Private Property website, it is clear that both owning and renting offer unique benefits, however, it is interesting to note the change in lifestyles across generations.

People who fall in the millennial generation, aged between 21 and 35, seem to be choosing rentals over owning their own property more than most. And there are a few reasons for this.

Firstly, millennials have taken up a different view on getting married and having kids, with many choosing to wait until they know what they want from life before settling into long-term commitments. As a result, it means that their voyage into the property market is also delayed.

There is also the financial aspect, with the ability to acquire a bond having become increasingly difficult in recent years. The rising living costs, coupled with the requirements to qualify, have meant that many can simply not afford to purcahse.

Lastly, the flexibility and reduced costs of renting appeal to millennials, who are focused on living a good lifestyle. By renting, they can look to stay in an upmarket area without taking on the likes of rates, insurance and utility bills, while any maintenance problems can be dealt with by the landlord.

They also tend to look for new and exciting opportunities, which could require them to move, so having the ability to make changes as needed certainly plays into the lifestyle that they are chasing.