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Millennials or Generation Y are a demographic that range in birth dates between 1980 and 1996 . They are becoming an increasing group that is opting for shortterm rentals instead of purchasing homes . Especially the younger members of the millennial group .
There are many reasons why this is a growing trend among young people . One reason is that millennials are staving off parenthood until later in life if at all . This brings about change in the family dynamic . There are more single people now than ever . With the decision to go solo , a millennial might choose to go on more vacations or work outside of their community . Shortterm rentals are being favored by millennials for business as well .
Shortterm renting provides patrons with access to full kitchens , larger living spaces , and a home away from home feeling . More often than not , these rentals are easier on the pocketbook than traditional hotel stays . Hotels may offer more services for additional upcharges , but more millennials prefer accommodations that offer much more than a set of towels and bathroom coffee .
According to a report published in 2016 by Airbnb , millennials when asked the question ``How likely are you to consider staying in a home as opposed to a hotel , hostel , etc on future trips ?” They answered 67 %. This makes sense when you factor in that millennials are spending their money on traveling and vacation in lieu of purchasing homes .
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