Born between the era of 80s and 2000s, millennials have made history in coming around as the ultimate change-makers and revolutionists of all times. Their tech-savvy solutions and fast-paced approach to resolving problems have changed the path of the world, needless to say.
Historical turns and trends have always brought around a change in generations, that eventually impact the social constructs, societal norms and stereotypes of society.
Graana.com, Pakistan’s smartest property portal, brings you diverse perspectives on the fact why millennials prefer living in apartments.
UNDP derived the research results that suggested Pakistan as one of the world’s youngest countries with a major chunk of its population of millennials. Measuring the impact of millennials’ efforts and adaptations, they are influencing the world by breaking conventions and reinventing ideas to improve society.
Considering the youngest millennials who are now adults, there has been a prominent change in the country’s real estate trends. They are changing the real estate market needs by redefining their needs.
Becoming creative architects, planners, developers and engineers have brought their focus towards developing the vertical landscape of Islamabad.
This development is not only the solution to the rising demand for homes but also an answer to the growing inflation and economical crisis in Pakistan.
Often Generation Y is labelled as the lazier yet creative generation, who wants a fast-paced lifestyle that is quick and convenient.
Being pioneers of fast-paced and modern living, millennials prefer living in small spaces so that they are easier to clean, maintain, and even budget-friendly.
Getting an apartment means less space, and eventually less mess, which in turn takes less time to clean. This convenience comes around as a great quality that millennials are in favour of, thus resulting in getting a flat.
The apartment lifestyle attracts the newer generations because of the compact living structure and facilities that it comes with.
Generally, the security system and facilities in apartments are excellent which makes it an ideal choice to go for.
There are designated guards for buildings and apartment complexes as well as CCTV cameras that add to the protection of residents especially since most millennials work throughout the day and are not at home.
Besides, there’s an added facility of being free of maintenance duties; an example is sewerage or electricity issues. Most likely the responsibility for repair and maintenance would fall on authorities.
Money comes around as a huge aspect that affects most of the housing decisions for not only millennials but for everyone. Considering the rise in dollar rate and currency inflation, affording a full-fledged house is something that millennials can only aim for.
Because of this, earning a handsome salary might be of assistance to afford a house after retirement.
But for people who still don’t have the budget and are looking to get a home to live in, apartments come in as the most affordable option.
Apartments are available in multiple sizes from luxury to studio flats. Since these are relatively affordable, they come off as the ideal choice for millennials. This is also the reason why there has been a significant increase in the demand for apartments all over Pakistan, especially in major cities.
With the growing demand for apartments in the country, millennials are now approaching housing trends across the nation to achieve the government’s vision for vertical housing in cities.
When it comes to satiating the need for vertical housing projects, Generation Y is working hard into bringing the best projects forward. With more and more apartment complexes being constructed, there is major predictability of Pakistan’s map to turn around with more vertical housing than horizontal ones.
When it comes to Generation Y, as much as there are perks and facilities, there are also additional pressures that they face to pursue bigger goals in life. This marks for better jobs, better earnings and ultimately a better lifestyle.
Given that the country’s economy suffers instability often, millennials seem to find it difficult to buy apartments. Rather, the trending factor in housing remains rental or shared apartments.
Rental apartments are an excellent alternative to buying a house, as it serves as both an easy financing option as well as a good lifestyle. Students, migrants, employees, and families, all find rented apartments as their saviour in this increasing housing crisis.
Considering all the above-mentioned factors, it can be agreed that millennials are strongly in favour of living in apartments. Because of the convenience and practicality of apartments, their demand is also increasing.
Apartment life is an ideal choice for today’s generation. The urbanisation and development of flats are the future of the world; not only in Pakistan. This can be concluded from the fact that the population is rising, and the land is being developed leaving no space for more houses. Eventually, apartments are the way to provide housing for everyone.
If you’re looking for more information on the future of real estate, visit Graana.com.
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