A new trend amongst Millennials has begun to take shape as the economic situation of the current day vastly differs from previous generations. Advancements in technology have made Millennials more inclined to rent more than previous generations.
Renting which used to be seen as a stepping stone to ownership is now how Millennials live their lives and define their futures by. As inflation, stagnated wages, economic constraints and advancement in technology put certain tradition norms out of reach for Millennials.
Having children and getting married after graduating has also been put on the backburner as Millennials. More emphasis on their own personal futures and goals, as the costs of obtaining a house mortgage and purchasing car become more impossible each year. More Millennials have decided to forgo certain norms until their in better financial positions.
This brings us to how renting is seen as more cost effective and more flexible for the generation of the internet. The renting of housing forgoes other added costs like rates, insurance and utilities which gives renter more of their disposal income to save or pursue their goals. Renting also brings the freedom to move whenever they want and to wherever they want to.
Thanks to technology renting is becoming more prevalent. Millennials are not only renting the living spaces but are also renting their holidays thanks to apps like AirBnB, they renting their transportation with apps like Uber and Taxify even the way Millennials enjoy their Entertainment is through subscription to streaming services like Netflix and Apple Music.
By Mokgethi Mtezuka