As I’ve discussed in many previous blogs, millennials are now one of the biggest contributors to real estate markets across the globe. This means their wants and needs are significantly driving supply and demand.
More and more adults are waiting until later in life to start a family, choosing instead to focus on travel or career opportunities. However, it isn’t uncommon for young adults to have a pet. In fact, the American Pet Products Association claims that 73% of American millennials own a pet. A recent study indicated that one third of millennials buying a first home were influenced by their pet’s needs when making their decision.
For many pet owners (especially those who own a larger breed of dog), renting isn’t an options. Properties that allow pets are either expensive, too small or non-existent. This means buying is more attractive, but the home has to be just right.
- Yard Space
In past years, it was popular for people to want a decent yard for their children to play in. People with a dog now more commonly desire the yard for a different reason. Similarly, they want the yard to be private and somewhat fenced in. For people with larger dogs that can easily jump a 3-foot fence, the higher the better.
Understandably, both cat and dog owners prefer hard floors over carpeting. It makes clean-up easier. There is also a concern with soft or cheap floors because a pet’s claws could cause expensive damage.
Single-level homes aren’t just appealing to the aging population. They are also great options for people with elderly pets who have trouble with stairs.
Research suggests that the millennial desire for smaller, single homes that suit a pet’s needs are causing prices of those homes to rise because there isn’t enough supply to meet the demand. Assuming a high percentage of apartments continue to enforce animal bans, the desire for single homes will likely continue to rise.
The desire to keep their pets happy isn’t a second thought for many young people. It is at the top of their priority list, putting some properties out of the running immediately. Their pets are seen as part of the family, so ensuring their pet’s comfort and happiness is equivalent to ensuring their own peace of mind.