Millennial Movers and Accommodation in 2021
In the 1980s, we were all encouraged to own our own homes – thanks to PM Margaret Thatcher’s Right to Buy Bill.
Today, of course, the discounts for the Right to Buy our council home simply aren’t as generous. That’s if the right exists at all (Scotland being a case in point).
Millennials not bothering to buy
So how are Millennials coping with this change? Well, many of this group (who were born between 1980 and 1996) simply aren’t bothering to buy.
And it’s not only the high deposit that is putting them off. There’s also the ‘anchoring’ effect.
Put simply, they prefer to rent. Not only that, but they like to move around more too. The outcome is that not only do they not want to be tied down to a mortgage, but they don’t even want a long-term lease, thank you very much.
Flexibility a big draw for short-term accommodation
And who can blame them when it’s so much easier to work from well, anywhere – as lockdown has so evidently shown us?
Many freelancers find that with remote working they can be finishing off work for a client in Canada in the morning and starting a new project for their boss in Australia later that evening. If they’re not anchored by who they work for – why should they be tied down by where they stay?
Another reason Millennials are opting for short-term rental accommodation is that they don’t need the stability because they’re putting off parenthood for longer.
Not only that, but many are also putting off the commitment marriage brings until well into the future, preferring not to get too tied down with one partner.
Breaking up with your other half when you have a long-term rental lease to pay can be messy, after all.
What millennials want from their rental accommodation
As well as that short-term lease we talked about (three months proving ideal), Millennials also expect their accommodation to be pretty high-spec – as well as hi-tech. They want the super-fast broadband and smart TV, but they’re also keen on the modern kitchen gadgets, smart heating and power showers.
Many of these short-term rentals offer similar facilities to what you can expect from a hotel i.e. room cleaning and even a concierge service. The latter can call for a taxi, advise you of a visitor making their way up and even provide laundry facilities (for an additional cost, of course). Having said that, it will always prove less expensive than hotel accommodation.
Thought leader for the short-term rental industry Alex Nigg adds: “What separates the private accommodation industry from the five times larger mainstream hotel industry is consistency of experience.”
Hotel benefits with home-from-home atmosphere
Another difference to hotel accommodation is that these short-term rentals are fully-furnished and provide more of a home-from-home ambience. And that’s exactly what is needed for many individuals who are short-term renting because their company has asked them to try out various locations until they find just the right location for them.
Get in touch with us today
At Checked-Inn we provide high-spec quality short-term accommodation in Cambridge. Take a look at our website for further information or call us, tel: +44 (0) 1223 423334.
Image: Studio Romantic / Shutterstock.com