The Digital Future Of Next Generation Real Estate

We have all heard about the phenomenon of millennials and about the disruption that centennials are causing in the world. But specifically, who are these generations and how are they transforming the future of real estate?

Although there are no strict dates, Generation Y, or millennials, is made up of all people born between the years 1982 to 1999, while Generation Z, or centennials, is made up of those born after 2000.

You may wonder, what does this have to do with real estate and with businesses related to this well-established and traditional industry? I can assure you we are starting to see a new era in real estate.

Every generation influences the economy but Gen Y and Z have grown up in a time of rapid economic change, which gave them higher career expectations than previous generations. Millennials are, in fact, poised to reshape the economy. They are often referred to as the “instant-gratification generation,” with high expectations for their professional and personal lives.

Gen Y and Z are also the first truly digital generations, raised amid laptop computers, cellphones and rapidly advancing technology that is changing the way individuals interact and conduct business. Among other things, technology is altering where and how new consumers get their information. Global interconnectedness has also left millennials and centennials increasingly reliant on peers for information and motivation.

Millennials will soon make up the largest share of the labor market: It is projected that by 2025, three out of every four workers globally will be millennials. Their financial behavior will more greatly affect the global economy than the financial behavior of the generations that preceded them. We can be certain that the power of purchase, investment and consumption will be concentrated in these generations.

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