For sale condominiums in Baguio must target Millennials. Why? In terms of demographic statistics, the average median age in the Philippines is 23.2 years old; whereas the average age of males is 22.8 years and females are 23.7 years as of 2015. Millennials are those who are born in 1980-2000. Neil Howe and William Strauss coined the term Millennial in 1991, according to Forbes. However, one of the greatest challenges of real estate marketers is how to tap into Millennial’s consumer behavior. Is condo living suitable for Millennials?
Condos flock when BPO companies are near
Did you notice when BPO (Business Processing Outsourcing) companies are around residential condos are nearby? As stated in Manila Times by the head of research and consultancy of Jones Lang Lasalle, Claro Cordero, Jr., “Majority of residential condominium demand may have come from young professionals and young, upstart families, which is composed primarily, of the millennial market.”
They don’t mind sharing
This generation also drives the ‘Sharing Economy.’ Investopedia defines it as “an economic model in which individuals are able to borrow or rent assets owned by someone else.” That is why it is also called the ‘Renting Economy.’ One of the things you should expect in living in a condo is the amenities are not for exclusive use but for sharing. And the Generation Y doesn’t mind this setup.
They value active lifestyle
What is the favorite amenity of some Millennials? Those are related to fitness and health such as gyms, yoga classes and sport facilities. This is what Jen Taylor, a millennial blogger, considers when buying a condo unit. She writes in the New Home Buyers Network Blog: “Fitness is a big part of my life, but making time for it between work, grocery shopping, and socializing can be difficult. A condo that uses its fitness space to host fitness classes is helpful for young professionals trying to maintain a balanced lifestyle.”
Fully furnished unit is their kind of thing
That fully furnished for sale condominium in Baguio? They’ll love it! According to RateSupermarket, “Most millennial buyers are looking for homes that are pretty much in move-in condition… Because most are first-time buyers, they rarely have the funds available to buy a home that needs a complete renovation.”
In addition, owning a condo saves Millennials from repair and maintenance work. These tasks are taken care of the HOA or Homeowner’s Association of the condo. Just call in the handyman guy to fix a leaky faucet or change the flickering lights.
Accessibility matters
Millennials firmly believe in the mantra ‘location, location, location’ which is how condos are designed. They want everything near them like cafes, shopping centers, restaurants, grocery stores, and novelty shops. As long as it’s a biking or walking distance, they’re in. It gives them a chance to meet new friends by hanging out at these places and when they want to have a quick chat with their friends or colleagues.
These are the reasons Millennials would love to live in condos because of the fast-paced and busy lives they have. And it makes them unique buyers among other generations.
Condos flock when BPO companies are near
Did you notice when BPO (Business Processing Outsourcing) companies are around residential condos are nearby? As stated in Manila Times by the head of research and consultancy of Jones Lang Lasalle, Claro Cordero, Jr., “Majority of residential condominium demand may have come from young professionals and young, upstart families, which is composed primarily, of the millennial market.”
They don’t mind sharing
This generation also drives the ‘Sharing Economy.’ Investopedia defines it as “an economic model in which individuals are able to borrow or rent assets owned by someone else.” That is why it is also called the ‘Renting Economy.’ One of the things you should expect in living in a condo is the amenities are not for exclusive use but for sharing. And the Generation Y doesn’t mind this setup.
They value active lifestyle
What is the favorite amenity of some Millennials? Those are related to fitness and health such as gyms, yoga classes and sport facilities. This is what Jen Taylor, a millennial blogger, considers when buying a condo unit. She writes in the New Home Buyers Network Blog: “Fitness is a big part of my life, but making time for it between work, grocery shopping, and socializing can be difficult. A condo that uses its fitness space to host fitness classes is helpful for young professionals trying to maintain a balanced lifestyle.”
Fully furnished unit is their kind of thing
That fully furnished for sale condominium in Baguio? They’ll love it! According to RateSupermarket, “Most millennial buyers are looking for homes that are pretty much in move-in condition… Because most are first-time buyers, they rarely have the funds available to buy a home that needs a complete renovation.”
In addition, owning a condo saves Millennials from repair and maintenance work. These tasks are taken care of the HOA or Homeowner’s Association of the condo. Just call in the handyman guy to fix a leaky faucet or change the flickering lights.
Accessibility matters
Millennials firmly believe in the mantra ‘location, location, location’ which is how condos are designed. They want everything near them like cafes, shopping centers, restaurants, grocery stores, and novelty shops. As long as it’s a biking or walking distance, they’re in. It gives them a chance to meet new friends by hanging out at these places and when they want to have a quick chat with their friends or colleagues.
These are the reasons Millennials would love to live in condos because of the fast-paced and busy lives they have. And it makes them unique buyers among other generations.