Miami has
always been one of America’s most famous vacation spots. The beaches, the
weather, the many fun things to do, the Caribbean atmosphere, and most of all,
the people make it a great place to spend a summer (or any holiday) and a
particularly amazing place to live. Apart from this, since the beginnings of
the 21st century, it has also become a very attractive place to
invest, especially in Real Estate, and the economic growth of the entire city
is remarkable. Currently, a very large
percentage of the investors in Miami are Millennials, and how could it not be?
There’s no better place for these young generations to live, work, settle down
and grow!
The term
“Millennial” is all over the internet, television, printed media, and basically
in our daily vocabulary. Many argue about its definition, although it is very
simple: people who reached their adulthood in the first 2-3 decades of this
century; to be more specific, everyone born, approximately, between 1980 and
2000. This is quite a wide range, and this generation has some peculiarities that
everyone should take into consideration if one is planning on working with
them, especially if you want to sell them something (anything!). Of course,
this applies to the Real Estate business too, and in this article, we are going
to talk, from our experience, about which type of properties they are
interested in and which is their target when it comes to investments.
In
a city where the median individual income is about $23,000 a year, many people
(particularly Millennials) decide to rent instead of buying, but that’s not the
only reason. Every year, more and more new buildings are constructed,
and one thing most of them have in common are the many amenities they offer.
Gyms, pools, electric car charging ports, common rooms with flat screens,
conference rooms, Wi-Fi everywhere, recreation rooms, valet parking, and other
things are great features everyone enjoys, especially younger generations, and
usually this type of buildings are quite expensive. Rents, on the other hand,
are reasonable and affordable.
Another
reason why Millennials would rather rent is because of the flexibility. Normally,
buying a new home automatically “binds you” to it, and these generations, with
a lot on their plates, don’t seem to want to make definitive decisions like
that for the moment. A rental is much
easier to leave behind, and that’s a very popular feature we now see more and
more often. Another thing to take into consideration is the maintenance
costs when you own a property, something you don’t have to worry about if you
rent. Millennials usually have very active lifestyles, and the less they have
to do around the house, the better for them, this means: smaller apartments.
Studio apartments, single apartments, single-space apartments and lofts are the
usual choice for these young investors, and the most common place where you can
find them is Downtown. Location is also an important thing for Millennials
because they are usually quite involved with their community, and this means
frequenting restaurants, bars, lounges, malls, or any space where they can engage
in social interaction, places usually found in the center of the cities.
Anyhow, in Miami there’s a place for everyone, and
this city can meet everyone’s expectations, but Millennials are taking over the
investing world and they have put their eyes on this beautiful corner of
America. If you would like to invest here, contact Miami Riches and we will
guide you and help you find the perfect place!
Photo: http://bit.ly/2ik6fB5
