Why Millennials Prefer Condo Living
Posted by Ortigas Land
Date posted June 10, 2021
Why More Millennials Prefer Living in Condos
Many millennials are now in the right age and financial capacity to start buying their own homes. And just like older generations, many millennials are looking forward to investing on living space they can call their own.
In the recent years, trends have shown that younger property buyers are shifting the real estate trend from buying houses in suburban areas to buying condominiums in urbanized centers. So, it’s clear that many millennials are opting for condos as their residential property of choice. But why? Here are five possible reasons why.
Live Near All Their Wants and Needs
One of the defining traits of the millennial generation is their need for instant gratification. This is the generation that saw the rise of the internet and technology in their early years, so they’re used to having everything they need within their grasp.
What this means for the real estate market is that it shouldn’t be a surprise that millennials are choosing to live close to everything they need and want. Condominiums and residential properties situated at strategic locations in Metro Manila are close to business districts, commercial centers, and other locations within reach.
Rather than living in a suburban area and having to drive or commute to their destination, more millennials prefer to live in condominiums because it’s a shorter trip to get where they want to go. For instance, those looking for condos for sale in Shaw Boulevard will find themselves close to the Ortigas Central Business District, local facilities, and other areas to satisfy their wants and needs.
Need for Less Space
Studies show that aspirations for a traditional family life are decreasing with millennials. This means that millennials are either having children at a much later age than older generations, or they prefer to not have kids at all.
As a result, millennials do not need all the space and child-friendly features associated with traditional houses. And because millennials prefer to have children at a later age, they are more interested in buying properties that are more pointed towards single young individuals or young couples.
Too Busy to Maintain the Location
Unlike traditional homes, condominiums provide exclusive amenities and facilities that, in a traditional house, property owners would be required to maintain. Many millennials simply do not have the time to focus on maintaining property.
Through condo living, millennials would only have to focus on maintaining their own unit. The rest of the building will be maintained by the property manager who ensures all residents get the best level of service and maintenance standards.
Exclusive Amenities Millennials Actually Want
If we’re talking about buying a house, the cost of buying a house with a swimming pool, immaculately landscaped garden, and private gym would be way more than the average millennial can afford. These days, the best condominiums in the metro often come with a suite of amenities designed to maximize a resident’s satisfaction.
Unlike buying a house, millennials can more easily afford condo properties with the amenities they want. These are shared with the other residents, but these are exclusive to residents only. This can give millennials in the property market that edge they need to make their condo living experience much better.
Of course, there are many more factors why condo living is becoming more popular for younger property buyers. This is something to consider once you start looking to invest in properties when it’s time to spread your wings and find your own home.
For Ortigas Land’s premiere residential tower for millennials, Maven at Capitol Commons offers the perfect home for tomorrow’s young and successful professionals. It is the future address for residents who want unique facilities that cater to various lifestyles, passions, and interests.
Contact us today to learn more.