Millennials are currently the largest demographic in Canada and will soon become the primary economic contributors. Millennials are currently aged from 23- 38 and were born in 1981 to 1996. They are the most educated generation and also the most indebted generation.
Investors should be aware of Millennials for a number of reasons. We have put together 3 important considerations that investors should be aware of moving forward.
- Millennials are willing to pay premium rent for the right location. When looking for an investment you should definitely consider the location and try to find a property close to transportation. Majority of Millennials currently rent so they will be the biggest target market for landlords.
- Millennials have different values. In a recent report by REIN, they found that most Millennials value having stainless steel appliances. They also value having a home that is modern looking, is close to amenities and is up to date with the latest technologies. Investors should be aware of what Millennials are looking for especially landlords as Millennials are willing to pay more for a place that has these features.
- Eventually, there will be a massive transfer of wealth. It has been estimated that trillions of dollars will be transferred from baby boomers to millennials. This means more and more Millennials will be able to afford their dream home. This is very important for investors to consider when selling an investment as the largest target market will soon be Millennials.
Overall, it is extremely important to research the real estate market and any changes that may affect your investment. Our team specializes in investment properties and we have expert knowledge of rentals in Barrie. If you are thinking of investing, call our team today Matthew 705-739-3432 or Domenic 249-877-7785. Let us help you find the perfect investment that meets your needs.