Stella Stays, UAE’s leading proptech company with tech-enabled residences in seven global markets, reveals insight into its data showcasing trends in purchasing power and behavioural profiles from Gen Z and Millennials renters amidst real estate industry shifts, with this audience base constituting 46% of the global population and growing.
The company’s data showcases that 81% of residents and guests at Stella Stays residences are Millennials and Gen Z, the next-generation renters. With the steadfast rising cost of becoming a homeowner, Millennials and GenZ often turn to renting, despite it being a tedious and inconvenient process by traditional means, rife with inconsistencies, untrustworthy rates, lack of flexibility and limited experiences. Recognizing the unique challenges faced by this demographic, Stella Stays redefines renting from a commodity to a horizontally integrated experience that appeals to the same target audience as other tech-enabled services like Careem, Talabat, Apple and Netflix. This is achieved by offering a tech-driven flexible living platform including furnished apartments with versatile payment options including cryptocurrency, designer interiors, prime locations, community spaces and year-round modern services – mirroring the convenience of a hotel in a residential space and eradicating the inconveniences synonymous with traditional rentals.
The tech-savvy, trendy and well-traveled next-gen renters view living as an experience rather than a commodity. They prefer features such as technology, indoor and outdoor community spaces, and enhanced design facets, and Stella Stays listened. From smart home systems to design upgrades with modern touches, the company prioritizes modern aesthetics and functionality. The residences’ appeal extends beyond the physical features; Stella Stays strategically creates living spaces that are social media friendly and invests in design upgrades to captivate the “Instagram-able” lifestyle of its major audience.
Collaborating with real estate developers, Stella Stays is at the forefront of transforming entire residential buildings and complexes into flexible living havens. Its future vision entails community and tech-driven living concepts, where amenities like gyms, lounges, theatres, communal dining areas, and co-working spaces cater to diverse lifestyle needs, providing a comprehensive and expansive living solution.
With a presence in over seven countries globally and growing, Stella Stays continues to revolutionize the rental real estate landscape. Its success emphasizes the need for the real estate sector to understand the evolving needs of Millennials and Gen Z, who desire a frictionless, tech-driven living experience that also embodies flexibility, mobility, community and a touch of refinement.