Why have Millennials stopped signing 12-month leases?
Life has become fast. Changes in technology have an enormous impact on how people work and live. As a result, aspects of work and life have altered. Long-term rent leases have become a trend of the past. Hence, millennials like to rent a property, a unit or a room conveniently. Such rentals have no minimum renting duration and no requirement of signing leases.
Young entrepreneurs and employees are interested in altering their living space every short while. This has led to the simplification of the rental process. It is a “work from anywhere” job style that has induced the idea of getting a unit or a room for as short as a month.
The best thing about these smart living options is the availability of all comfortable living facilities. Everything you need from a shoe rack to a washer and dryer is present in these units. You have to do nothing but pay very affordable rent and spend a fantastic time in your favorite property.
Maybe you have experienced the pain of finding a suitable apartment for ages and paying hefty amounts in the form of broker fees. Now, when you search for a short-term unit, this pain seems pointless.
Expat students’ experience of renting a unit is even more intense as they do not have a regular income source and are in dire need of flexible rental terms. For them, co-living seems to be the most amicable option.
Millennials look for no-strings-attached housing for its added flexibility. Above that, the freedom of “work from home” is a plus point. Who would love to get stuck in one unit for a whole year or even six months while enjoying life in different places does not affect your job or business?
After the pandemic, the demand for short-term rentals has doubled. As a result, renters are searching for new affordable, appealing, and flexible ways of living. Coliving tops the list!
One crucial factor that millennials focus on is the quality of the living space they wish to have. They want their living option to be squeaky clean, ready-to-use, and do not need to take responsibility for maintenance work like plumbing, repairing, painting, etc. They get their most sought features in a short-term renting property without any extra charges or worries.
Another fact that millennials are thoroughly convinced about is the freedom of movement. They do not have to get locked in one place and witness life turning dull.
Hence, the idea of living temporarily in different cities fits them perfectly well. And since it requires no extra expenses or effort, they love it!
Most youths are now working from home by choice because it gives them the mobility they like and flexibility of schedule they are interested in having. With such a flexible working option, they look for living units or rooms that allow them peace of mind and comfort of smart living with modern amenities where they do not have to set up Wi-Fi or run from shop to shop for buying furniture.
Everything is already set-up for them to start their new adventures!