If you want to rent a place instead of buying one, it’s totally okay. Jones Lang Wootton executive director Prem Kumar assures that there is no shame in renting as it offered the option of flexibility.
The current mindset of millennials was to own a property when they were as young as 25. And while there is nothing wrong with such a mindset, owning a property at that young age meant it would eat into their disposable income, he said.
He added that the younger generation these days received support and backing from the older generation which means that the younger generation did not need to earn a high income as they were supported by their parents.
So if they couldn’t service the loan, they would ask their parents for help, who would often say yes, instead of no.
Prem Kumar said for a mindset change for the generation to not necessarily think they must own a property at that young age and that youngsters could opt for a lower-priced unit when they were younger. When they get a bit older and had a higher income, they could upgrade and live in a much better house.
But he said this mindset was difficult to change as it had become entrenched.