The Reasons Why Millennials Prefer To Rent
In this day and age in Singapore, more millennials especially couples waiting to get married are renting homes instead of purchasing them outright, with many of them working in high-paying professions, such as the interior design Singapore industry for example. So why are more millennials renting instead of buying a new home for themselves? Let’s take a good look at what is driving millennial Singaporeans in this day and age to make the decision to rent:
Easy accessibility to more rental places
Instead of opting to buy a new home and settle in permanently, more millennials probably wish to try out beautiful rentals at private properties for an affordable price instead of spending years saving up for an HDB down payment or buying a BTO flat and any subsequent interior design Singapore renovations that they feel might be a tad expensive for them. Thanks to the advent of social media, millennials are exposed to so many different home interior design Singapore decor options, from the industrial chic style to the minimalistic style and even the modern eclectic style, which means trying out these rentals are within these millennials’ rights which they can enjoy before settling for one permanent home later in the future.
The perception of living in a condo
More married millennial couples are likely to settle down in condos, seemingly because image-conscious millennials like the privacy, convenience and possibly interior design Singapore glamour of living in such places as opposed to living in an HDB flat. In certain cases, renting can be the correct financial choice for these couples, depending on both their unique situation and the property market situation at the time. So long as the millennial couples are living within their means and not relying on extensive interior design Singapore embellishments that cost more than they can afford, they shouldn’t be criticised for choosing to settle down in condos so long as they can afford it.
Many couples waiting for their BTO flat
Why married millennials might be renting could be because they are waiting for their Build-To-Order (BTO) HDB flats to be ready. In the meantime, as they wait for all the necessary interior design Singapore renovation works to be done, these couples might favour cheaper housing alternatives especially as they tend to be more budget-conscious and are saving aggressively towards their future. In both cases, we know that privacy is very important for married millennial couples who would rather seek rental property rather than stay with their parents or in-laws, hence they might choose to rent out a place just for themselves as a matter of choice.
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H/T: Business Insider Singapore