According to Pew Research Company, Millennials are aged between 22 and 36. They grew up in a fully digital world and have been turning the tables in all sectors including real estate markets. Their search for a home begins online.
A survey by Coldwell Banker Real Estate firm indicated that out of the 33,000 adults, 77% of them prefer to take virtually reality tours of homes prior to a visit while 84% would like to see a video of the home. An additional 62% of respondents suggested a preference for a real estate agent that provided VR technology. This generation that embraces technology even before visiting a prospective home. Realty companies are quickly adapting to these requests making video, 3D tours and virtual reality essential features on their listings.
However, technological demands don’t end there, SMART home technology has had an unprecedented surge in the past few years. Zion Market Research estimates that by 2022 this market will reach $53.45 billion. SMART home technology can be seen everywhere from speaker systems to lightning, thermostats, security devices and much more and this is another indispensable feature.
For Millennials, technology also means a more effective use of resources. Applied to housing, this translates as health and sustainability. Or as Olga Turner, Co-Founder of Ekkist explains, “Millennial buyers want to know that design is good for the environment, but they also want it to make them feel better.” Ekkist Studio has been one of the forerunners adopting sustainability practices to ‘create buildings that focus on enhancing human health and well-being.’ Passivhaus has become a standard for energy efficient building, BREEAM certifies the sustainability of buildings and the Well Building Standard focuses on health and wellness of the building’s inhabitants.
Design has also adapted to requests with a rise of Biophilic Design. Turner explains this by stating, “Nasa studies have shown that certain species of vegetation help to filter pollution, and other research has demonstrated that exposure to greenery can help concentration, lower stress and aid recovery.”
A perfect example of this marriage of nature and modernism is embodied in the Wardian London. Like the ‘Wardian Case,’ from whence it takes its name, the building is a superb combination of glass, steel and nature that extends from private garden terraces to the lobby and the open-air pool that recalls a tropical retreat more than an urban residential complex in London’s new financial center.
“There is a preference to live in vibrant cities,” comments Paul Tostevin, Associate Director of World Research at Savills. Dan Conn, CEO of Christie’s International Real Estate supports this by adding, “they also want locations with viable schools and a Whole Foods Market, which has led to the popularity of areas in Manhattan, like Tribeca, West Chelsea and Hudson Yards.”