The Millennial Revolution: How a Generation is Embracing Real Estate

November 30, 2023

South Africa’s demographic landscape is shifting, with millennials commanding a significant share; nearly a third of the entire population. This generation, often labelled as disruptors and “ego-centric”, is revolutionising the property market with their distinctive and unique preferences and priorities when it comes to what they want in their ideal home.

1. Embracing Rental Flexibility

Contrary to conventional trends, many millennials, but not all, prefer renting over homeownership. Termed “rentvestors,” they prioritise flexibility in their lifestyles, valuing the freedom to pursue career advancements or travel opportunities without being tied down by property ownership.

However, their choice to rent doesn’t equate to compromising quality; they seek affordable rentals that offer value and comfort. This makes our properties the perfect investment for landlords, with their inclusive perks, such as fitted kitchens, a power backup supply, and a built-in braai for social millennials.

2. Pet-Friendly Spaces Matter

For millennials, pets are family, as they help them physically and psychologically. Pets are not only seen as “just a pet”, but as a life companion that provides emotional support. Millennials who own either a cat or dog, see their pets as the first step in forming a family and easing into parenthood.

In fact, 82% of Millennials polled said that pet ownership should come before parenthood because it better prepares them for that next step of adulthood, AKA, parenthood.

Our Diepkloof homes are pet-friendly and provide the perfect safe space for a young family and their furry companion. The neighbourhood in our development is safe and spacious enough for little Sparky to stretch his legs on a long walk when you get home from work.

3. Everything “green” gets the “green” light.

Eco-consciousness defines millennial choices. Lifestyle estates with sustainable features like solar power, eco-friendly appliances, and recycling facilities are increasingly appealing to this environmentally aware cohort.

Millennials want to be able to live their lives to the fullest… without the guilt, therefore they prioritise the health of our environment and earth over everything. Most of the time they live by the following words, “If it harms the planet, I ain’t doing it”.

Our Diepkloof homes come fitted with energy-efficient LED lights and a battery powered backup power supply system.

4. “Just Google it ”

Technology integration is key, and in today’s world, you can do almost anything from the comfort of your own home… and couch. Millennials leverage property portals extensively for their house-hunting endeavours, as well as the latest digital trend in house hunting, virtual house tours. They favour digital platforms over traditional mediums like newspapers or magazines. 

5. “Please don’t call me, rather text me”

If there’s one thing that gets every Millenial’s heart racing, it’s the sound of the phone ringing. The preference for text-based communication, be it through WhatsApp or email, is paramount.

Millennials prioritise convenience and quick responses, making text-based interactions their communication method of choice with agents or landlords.

6. “We have done the research”

Unlike their predecessors, millennials enter the property market armed with extensive internet research. Their knowledge base empowers them to make well-informed decisions, staying on top of the latest property trend or news relevant to them, ensuring they don’t fall for any digital scams or get done in by dishonest landlords.

7. “Welcome to my humble abode”

The modern millennial craves stylish, open-plan living spaces. A spacious, well-designed kitchen merging seamlessly into the lounge area appeals to their penchant for socialising and entertaining.

Our Diepkloof homes offer just that; an open-plan living space that will allow the creative imagination to run free and make entertaining a breeze and ‘n half.

8. “Sorry boss, I’m working from home today”

With remote work on the rise, millennials value a dedicated home office space. Their desire for freedom and flexibility in work arrangements makes a functional home office a priority in their ideal property checklist. Our 2-3 bedroom Diepkloof homes offer the ideal “work from home” environment. Not using the 2nd or 3rd bedroom? Transform it into your own home office, and voilà! Bob’s your uncle!

As the South African real estate landscape evolves, the key lies in embracing change, adapting to the shifting needs and preferences of this dynamic demographic. The influence of millennials on the property market is undeniable and promises an exciting future for the industry.

Our phase 3 Diepkloof homes are flying like petrol after a decrease announcement. From R1.97m you can secure your future in the ever blooming Garden Route. Contact us today.