When they are in the news, much of the press about Gen Y tends to be less than flattering. Not only do they job hop, show little loyalty to their employers and have three second attention spans, they also want to have everything now.
While Gen Y might be criticised for their short-termism – take what you can get when it is there – who can blame them? Often they are employed under contract, which comes with its own insecurities, such as the prospect of having to scout for new employment once the current contract ceases. Most know that buying a home, in their location of choice, is a remote possibility. Even finding a place to rent is becoming increasingly difficult, with competition with dozens of other potential tenants to secure a place to live. In the face of this doubt about the future, ‘live well and in the present’ becomes the ethos.
For property investors, this is good news. An increasing number of Gen Y’s are actually happy to be renting so that they don’t feel tied down. This provides property investors with a greater pool of potential tenants than has existed in the past.
There is also high demand for rental properties in areas close to where Gen Ys want to work and congregate.
And what sorts of properties do Gen Y’s want to live in? Apartments where the kitchen might be small but there is NBN cabling and capacity for technology upgrades, there’s a garage or car space, a lap pool if room allows and clever use of storage.
With rising rents, low vacancies and a generation of young renters looking for a place to live, there are currently some great opportunities for property investors to enter the market.