MalayMail-Apr 16
Millennials were the biggest category of renters in 2023 and accounted for 37.8 per cent of all rental transactions in the country, said a new study.
According to real estate technology group Juwai Iqi’s 2024 Home Renters Generational Trends Report released today, the next biggest was Generation Z that accounted for 30.7 per cent of rental transactions. Baby boomers accounted for 2.7 per cent of transactions but paid the highest in rent. “Over the past five years, Generation Z has seen the fastest growth in its share of rental transactions. In the first quarter of 2024, Generation Z accounted for a 3.5-fold larger share of all transactions than in the first quarter of 2019. The generation that pays the highest average rent today is the baby boomers. Baby boomers pay an average of RM2,120 per month on rent,” Juwai Iqi co-founder and group Chief executive officer (CEO) Kashif Ansari said in an accompanying press release. The study also found that Generation Z and millennials paid an average of RM1,750 and RM1,862 monthly, respectively, in 2023. Despite the slump in rental rates as a consequence of the Covid-19 pandemic in 2020, baby boomers still paid the most for rent from 2020 until 2022 at an average rate under RM2,000, mostly for landed properties and rarely, apartments, Ansari said. Juwai Iqi is an international real estate technology group that powers property transactions and ownership locally and globally. It examined data from more than 67,000 rental transactions for its report. Read more at: https://www.malaymail.com/news/malaysia/2024/04/16/biggest-renter-group-in-malaysia-are-millennials-study-shows/129098
