This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.
The younger generations of Mexico have transformed the way in which the real estate market traditionally developed, since technological advances, lifestyles, economic income, among other factors, make them look for housing for rent, whether individual or shared in place of buying a house.
Real estate portal Dada Room, specializing in shared income in Latin America, analyzed the five most important ways in which youth change this industry.
Rent instead of buying
Young people who are in the early stages of their professional life can seldom purchase a home in the big cities, where the costs exceed their income, as well as the amount of mortgage credit they have access to. Likewise, this generation gives priority to experiences over possessions.
For example, a young man who has an average income of 11,250 pesos, according to the most recent National Occupation and Employment Survey, prefers to invest in traveling or living in a trendy neighborhood with shared rent, which aspire to buy an apartment in some other area of the city with more competitive prices, but far away.
"With what I earn I could not buy an apartment in the Cuauhtémoc neighborhood, which is where I live now, but I can afford to rent an apartment with my roomies. The building has a pool, gymnasium and other amenities that would be difficult if I lived alone, "explained Abril, a 29-year-old journalist.
Three colonies seek to position themselves as the favorite of young people
Share lifestyles
In line with experiences, rather than possessions, sharing a home is becoming more common not only for savings but for the openness and desire to live with like-minded people who can move from roomies to colleagues or even partners.
Other spaces are added to shared rents, such as co-livings: a scheme that is born from the vision of a more collaborative economy, becoming an option for those who have more open lifestyles and work styles.
Return to the city center
The largest generations decided, for at least 20 years, to leave the city centers, to live in the periphery; nevertheless, young people want to live in the center, to be close to where they carry out their academic and work life, even if that means paying higher rents.
"Phenomena such as gentrification have become more noticeable, they change the costs of housing, so a young professional does not aspire so easily to rent only one apartment, as a young man with the same income 10 years ago would. Five years ago, the average price of a room for rent in Mexico City was 3,000 pesos, today it reaches almost 5,000 pesos, with a trend that is exponentially increasing," explains the analyst.
Flexible solutions
The way the youth works has also changed, so it is more common for them to accept a new job opportunity, regardless of whether that means a change of city to live.
This flexibility became a decisive factor, since signing a one-year contract or meeting the guarantee requirements, as often happens with real estate agencies, became obstacles. In response to this, platforms have emerged that streamline procedures to allow short and medium term stays.
Creation of online market
"More than 80% of young people are connected, according to the most recent National Survey on Availability and Use of Information Technologies in Homes, specialized websites, and social networks are the first options for young adults, since They see them as a more reliable and accurate source than classified ads in print media or posters, and also allow them to compare prices and offers in a simpler way, "the document adds.
"The real estate market in Mexico will continue to change, largely due to a powerful combination of the habits of the new generations with the possibilities of technology. Without a doubt, we see a future in which both booking a room or a room, paying rent online and sharing housing will be common, "concluded Antoine Pérouze, general manager of Dada Room.
This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.
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