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Why Property Management needs to Focus on the Millennial Generation

The millennial generation are people in the age group of 18 to 34 years and are a popular segment of society. They are known for being tech-savvy, their self-expression, and for their social and racial diversity. Another very interesting fact about them is that they are movers and most of them live in a different city from their hometown or college.

Since they move around, almost all of them prefer rentals to owning a home. It is important for property management to note this interesting fact, and know the reasons why the millennial generation moves around so much. Such information can be useful in marketing the property and for wooing this huge segment of renters.

Millennials Prefer Urban Areas

According to a recent survey, almost all respondents said that they preferred living in a city or in an area that is more urban than the place where they grew up. Almost 44% respondents said that they had moved away for their hometown or the place where they completed college because of their love to live in a city. Even though, 60% of these renters who were surveyed prioritized affordability, they were willing to upgrade their budget to live in an urban place with more population density, compared to where they were residing before.

So, why does the millennial generation prefer densely populated urban areas, or the reason behind their moving?

To Seek Better Job Opportunities

Whether it is a move to a city or simply moving to a new area, the main reason for the millennial generation to move is to find better job opportunities. The millennial crowd seems not to be willing to sacrifice better job or earning opportunities for the love of any particular place. Almost half of the surveyed respondents said that their transition was motivated by a job opportunity or a career move.

Therefore, if the property is near a commercial area or if new companies are opening up shop nearby, property management can use such information in their marketing strategy.

To be with a Special Person

Next to job opportunities, the other most popular reason for moving was love. About 21% respondents said that they had moved because they wanted to be closer to someone they loved. For property management this would mean single tenants, or couples who are planning to move in together. In such instances, marketing strategy would be to focus on amenities and conveniences the property has to offer, and how such amenities would be helpful if the couple were planning to start a family in the near future.

To be Near the Workplace

A large portion of the millennial crowd also moves within urban areas or within the same city to be nearer their workplace. Most millennials seem to prefer walking, cycling, or taking public transportation to reach their workplace, and do not prefer driving to work. This is one of the major reasons for movement within the same city, and preference for properties that are within walking distance from their workplace.

Not only this, millenials may not have the income to afford a decent car so living closer to their workplace is even more paramount. Property management that understands this will be able to design their marketing agenda accordingly and hire staff that realize this.