Millennials, who are in the age group of 18 to 36, make up 25 percent of the total population, and they now prefer living in cities rather than the suburbs. Most of them are students who are making the transition from living on university campuses to apartments in cities.
Their requirements would have changed from student housing to workforce housing, but they are still attracted to certain amenities that they have been accustomed to during their campus days. These Gen Y renters have a clear set of things that they consider "essential", and they can easily pass up a property that does not provide these basic requirements. Here are certain aspects that property management should consider if they want to attract the millennial crowd.
The main thing, Millennials look for in any property is convenience. The Gen Y crowd has got used to walking on campus, and they prefer everything within walking distance, whether it is shopping or their place of work. However, they are also not averse to taking the subway, wherever it is easily accessible. Hence, while marketing the units, property management should definitely mention that the shopping area or the subway is within walking distance.
Cost and Amenities
Millennials prefer smaller living spaces, as they will be less costly. However, the cost is not going to pay a major role when they consider amenities. For most Gen Y renters, the right types of amenities play the most important role in their choice of properties. So, what do they look for? Larger common areas are popular, and so are Pilates studios and fitness centers on the property. Pools, decks, and patios are also hot favorites, along with outdoor BBQs in the common area.
If the property is being newly developed then consider having higher ceilings with relatively smaller floor plans. This will not only bring down the rent, but the area will also appear bigger and have a solid or respectable amount of light. Another important aspect that is highly appealing to Millennials is smart storage solutions inside the units. Many apartments now include locks for bike storage directly on the ceiling or wall, which facilitates hanging the bike inside the apartment. Bike storage lockers are also popular, since tenants do not have to carry the bikes to their units.
Technology and Social Media
Millennials fully engage in social media and technology. Hence, if the property does not measure up to the latest technological amenities or capabilities like Wi-Fi connectivity, entertainment cable network and so on, it will lose its appeal instantly. Secondly, property management will need to have a strong online presence to attract this crowd, since they mainly look to online rating sites, Facebook, and Twitter to find an apartment. Lastly, these renters will expect doing all transactions online, from paying the rent to issuing a complaint.
Eco-Friendly and Green
Millennials seem to be more conscious of protecting the environment than any other section of society. Hence, providing eco-friendly lifestyle and greener bright attributes could play a role in attracting these types of renters.