As the UK’s millennials approach their prime spending years, the impact of their priorities is being seen across the economy.
Their preference for lifestyle over possessions and being part of ‘generation rent’ is creating a shift in the housing sector.
The NatWest Millennials Home Buying Survey, found that 47 per cent of millennials feel that they are in generation rent and 78 per cent believe that the UK’s wider economic conditions have negatively affected their chances of being homeowners.
However, they are demanding more from their rental accommodation and new developers are jumping to meet that demand. Tipi describes itself as a ‘lifestyle-focused rental operator.’ Tipi’s first two apartment buildings, Montana and Dakota in Wembley, London, have spacious shared lounges and an outdoor terrace in an acre of gardens. Residents can relax in their own high spec furnished apartments, or head to the lounges for company to play a pool, watch Sky Sports or surf the net on freely available superfast 100 Mb/s broadband.
In January Statista research highlighted the importance of socialising to millennials. 51 per cent stated that socialising was where their remaining disposable income was likely to be spent.
Michael Allen, Head of PRS at Tipi, said, “Millennials’ spending power is huge and they are bringing a new dynamic to the private rented sector. They want stability and flexibility, so Tipi provides them with a long-term landlord that they can trust but with flexible contract terms. They can upsize and downsize with minimal hassle incurring no additional fees – and there are no agency fees to pay as Tipi is not a lettings agency; we own, manage and lease our own apartments.”
Apartments at Tipi are priced from £1,650 pcm including broadband and utility bills, with no agency fees.