Property Developers Are Now Building For Gen Z: But What Do They Want?

The government has pledged to resolve the housing crisis once and for all by constructing approximately 1.5 million new homes by 2029. 

However, the government has completed only 38,780 houses so far. MNS reports that the completion of the task would require the completion of 300,000 homes per year. Moreover, this means that the builders will have to construct atleast 75000 houses per month.

Hence, several builders have already started collaborating with the government for the completion of the  task . However, the builders have considered the future Gen Z Housing needs and requirements.

Hence, the new build market is more bustling than ever. Therefore, many developers have designed the nation’s new homes with a new generation in mind, specifically Gen Z. 

Moreover, this group of people incorporates the individuals born between 1997 and 2012 – the target market.

Yes, there’s a new generation of home buyers in town, and today’s developers need to adapt to meet their needs as well as changing regulations. But what do these new home buyers really want?

What Are The Basic Needs And Requirements Of Gen Z Housing

Here are some of the major needs and requirements of Gen Z Housing.

They Want Smarter Spaces

Technology plays a vital role in each and every aspect of our lives. Hence, people should not be surprised that the average Gen Z buyer envisions their home to be packed full of the stuff!

Moreover, smart security systems, voice assistants, remote-controlled thermostats, and energy-efficient features provide a comfortable living.

A digital-first fitout is fast becoming the standard. Technology is also shaping the way new homebuyers search for their perfect properties.

Estate agents are now swapping traditional viewings for VR tours to deliver access to all areas of the properties within their portfolios around the clock.

They Want Eco-Friendlier Homes

Gen Z has a long list of property wants and needs, but close to the very top, you are almost certain to find sustainability. 

Gen Z buyers care about the impact their properties have on the planet, and this is reflected in the unprecedented rise of eco-friendly living spaces.

More and more UK home buyers are going green, with the eco-credentials of their shortlisted properties making for essential reading.

The rise of net-zero buildings and carbon-neutral communities is expected to continue long into the future. 

Moreover, Gen Z home buyers prefer properties kitted out with solar panels and EV charging points.  Gen Z Housing needs include other low-emissions features, such as these new homes in Trimdon – favourites among first-time buyers.

They Want Property Freedom

Traditionally, property and freedom have not necessarily gone hand-in-hand. Moreover, the desire for flexibility within the Gen Z market has inspired a new wave of housing options.

Gen Z home buyers want spaces that provide everything they need to live life their way, and live it well, with social connection, affordability, and convenience all prioritized. 

Co-living spaces are proving particularly popular. Moreover, Co-living spaces combine fully furnished, private accommodation with community and socially driven common areas (such as communal kitchens and coworking spaces).

Hence, this combination provides Gen Z buyers the chance to spread their wings both personally and professionally.

They Want It All – And Why Not!

The construction of micro-apartments is opening up new opportunities across highly sought-after areas.

Small but perfectly formed living spaces, measuring between 150 and 250 square feet on average, have become popular across many major cities. 

Moreover, these places may have previously been financially out of reach for those just starting in their careers. 

However, micro apartments provide affordable living in the heart of the action – and a reduced carbon footprint to boot!

Alternative buying strategies are also paving the way for a more affordable way to own real estate for Gen Z.

With property prices continuing to rise despite economic uncertainty and spiraling student loan debt to contend with, Gen Z buyers would generally be resigned to living at home for the foreseeable future. 

However, fractional ownership schemes, rent-to-own programs, and crowdfunded property investment are opening up the market once more to these younger buyers.

Things To Remember About Gen Z Housing

Gen Z Housing needs easy-to-maintain properties that are affordable. Gan Z prefers studio apartments with basic amenities, such as a kitchen and a washroom. However, the rising prices of real estate today have made things problematic for Gen-Z buyers.

However, several developers and builders have started creating properties with Gen Z needs and requirements in mind.

Several government schemes have made Gen Z Housing better and easier.  The young purchasers have hence started penetrating into the real estate market despite the daunting market conditions.

However, despite the constraints, Gen Z remains particular with their needs and requirements. Gen Z prioritizes eco-friendly housing facilities, in addition to affordability.

Gen Z prioritises their planet and environment over convenience. Moreover, eco-friendliness is always affordable. Moreover, today’s developers should adapt to the needs and requirements of the new generation of home buyers. 

Frequently Asked Questions 

Here are the answers to some of the commonly asked questions about Genz housing 

1. Why Can’t Generation Z Buy Homes?

The Gen Z often find it difficult to afford proper housing for themselves. Moreover, Gen Z Housing requires ideal conditions. Gen Zs look for easy-to-maintain basic housing facilities rather than choosing colossal ones. Basic Studio apartments are ideal for Gen Z buyers.

2. How Are Housing Prices Affecting Gen Z?

Gen Zs are young earners. Hence, Gen Z cannot afford to purchase costly properties. The rising prices in the real estate sector today prevent Gen Zs from being able to afford any property. 

3. How Are Gen Z Buying Homes?

Gen Zs leverage several schemes by the government. Moreover, Gen Zs also purchase properties with the help of low-interest loans and other facilities.

4. Where Are Gen Z Buyers Purchasing Homes?

Several regions in the UK provide ideal conditions for Gen Z Housing. Moreover, Gen Z seeks properties that are easy to maintain, cheaper, and more affordable.