Hot Trends and Styles for Millennial Home Buyers
The millennial generation has a reputation as being always-renters, with more than 12 percent of them telling researchers that they never plan to buy a home, according to a 2019 survey conducted by Apartment List. Even so, the prediction from Realtor.com is that this group of people, who were born between the years 1981 and 1997, will drive the housing market in America in 2020 and beyond.
Although there's more to it than mere interior design trends, understanding the hot trends and styles most sought after by millennials buying homes is an important step toward serving this demographic successfully. It's equally important to have a grasp on things that they're not looking for, a category that includes outdated finishes like shag carpeting and avocado-hued appliances. While they're not afraid of a little DIY, millennials aren't interested in buying homes that are going to end up being total money pits.
Know your audience—that's the golden rule for marketing everything from consumer goods to homes. When you're serving millennial home buyers, understanding what they're looking for isn't just a good idea, it's essential.
One of the characteristics that stands out about the millennial generation is the ease with which they adopt technology. More so than the generations that have gone before them, these home buyers not only grew up with technology, they fully embrace it and want it in every corner of their homes. Research reported by TechZone360 suggests that millennials are willing to pay up to 20 percent more per month for a home that is smart home ready with mobile-controlled security systems, electronic access and keyless locks.
For home sellers, leasing agents and realtors, it pays to remember that this is the first group of people to grow up in the digital age. As a result, they thirst for instant information. Savvy realtors understand that this demographic does extensive online research, so they make sure their online listings are on point, with profiles and listings available on multiple social platforms.
Versatile Spaces That Are Easy to Customize
They've been called "the most cluttered generation" in the past; but the truth is this: Millennials hate clutter. They're largely casting off family treasures and "stuff" in favor of adopting a more minimalist aesthetic. This is clear in their love of open floor plans that can be used in a variety of ways. By and large, simple and efficient floor plans are big draws among millennials buying homes.
Forget cookie-cutter layouts. Even if they're short on square footage, millenials want the illusion of spaciousness. They also want to be able to customize their space and easily put their own stamp on the home.
The millennial generation has gotten a bad reputation as a bunch of lazy people who survive solely on takeout. And that couldn't be further from the truth. Millennials enjoy cooking, and their love of awesome kitchens reflects that. They want efficient floor plans, low-maintenance finishes, durable fixtures, functional storage and updated appliances in their kitchens. Open counter space and a layout that makes it easier to work in the kitchen are also important.
Exterior and interior design trends aren't all about looks. More than 70 percent of millennials will pay more for eco-friendly, sustainable options, says a Nielsen report. They prefer homes that are built using sustainable products. Inside their homes, they're looking for features like non-toxic paint, smart thermostats, energy efficient appliances and natural lighting. They also want energy efficient appliances and solar panels. This is a generation that wants to do its part in supporting the environment, and they also want to save money on energy costs.
Even as homeowners, the millennial generation tends to move around frequently. That's why many are drawn to fully furnished homes that allow them an easy, seamless move-in, move-out experience. That's why furniture rental is so popular among millennial home buyers and renters alike. Companies like CORT deliver and set everything up for an easy arrival. And when they're ready to move on to their next adventure, CORT picks everything up for an effortless departure.
Character and Charm
There are three hot styles sought after by millennial home buyers. One encompasses pre-World War II homes that deliver "Old World Charm," such as colonials, Victorians, bungalows and Greek Revivals. Millennials also flock to homes built in mid-century, sleek, modern styles known for cantilevered construction, geometric shapes and open floor plans. The third on-trend home style, Mediterranean homes, feature tiles roofing and stucco exteriors with plenty of wrought iron accents, dramatic staircases, and grand entryways.
Millenials make up the largest demographic among pet owners, and they overwhelmingly see their pets as family. Somewhere around seven in 10 millennials are pet owners. Recent research conducted by TD Ameritrade suggests that some millennials are buying homes because they need more space for their fur babies. For these millennials, pet-friendly interior design options are well received. They also look for amenities like big, fenced yards, pet doors and proximity to walking paths and/or dog parks.
Whether you're preparing to sell or rent to the millennial generation or members of other demographics, understanding what they're looking for is the key to providing an amazing customer experience. No matter if you want to stage a home for a wow-worthy listing or to furnish a home for optimal convenience for your millennial home buyer, contact CORT Furniture Rental for the on-trend, sustainable styles you need.