Getting Millennials To Settle In Your Community
If there’s one generation breaking the mold, it’s Millennials. Born between the years of 1980 thru 2000, they constantly attract the attention of the media through their job-hopping habits, their diversity and their high levels of education. Being the most studied generation in history, Millennials have a different outlook on life than previous generations and are gearing up to change the spending habits of our current economy. This all might sound a bit intimidating at first but it’s great news for the multifamily industry. Millennials are drawn to renting for a variety of reasons and they cherish the ability to pick up and move whenever they like. Because of this, renting has never been more attractive. So how can apartment developers capitalize on these tech-savvy nomads? Here are the top three things Millennials look for in their future communities.
- Technology – This should be obvious but not all communities understand it. It’s not about Internet access and gaming areas; it’s also about the little things. Great examples making all the difference are USB chargers built into wall outlets, keyless electronic access throughout the property and even a simple digital rent payment system. These all display your community’s commitment to keeping up with the times. Hey, it doesn’t hurt to have tech-savvy amenities, such as a Package Concierge. They order a lot of packages and they want to receive them on their schedule!
- Attractive Apartment Layouts – For Millennials, less is more. They’re willing to downsize the bedroom for a larger living room where social interaction takes place. Michael R. Ytterberg, principal at BLT Architects, believes in this characteristic as he states: “Within the apartment itself, one of the most important features that Generation Y renters look for is an open floor concept with a large living space. As a result, smaller bedroom spaces aren’t a drawback if the living space can support their naturally social lifestyles.” This makes sense given Millennials thrive socially.
- 21st Century Health and Wellness Centers – A barren room stocked with treadmills and rusty weight systems won’t cut it anymore. In its place, fitness centers in multifamily communities have been placing a heavy emphasis on yoga studios, pilates and “fitness on demand” digital classes broadcast through large TV’s. Millennials care deeply about wellness and are inarguably one of the healthiest generations ever.
These three characteristics will help your community be lively and vibrant. While Millennials enjoy having the ability to come and go as they please, statistics show that if they’re happy, they’re willing to rent longer, which is great news for the apartment industry. Ytterberg reiterates this point when he says “Many Millennials today are willing to spend more on their monthly rent to live in a prime location that offers them convenience, comfort and choice.” If apartment communities can provide what they’re looking for, it may turn a generation of wanderers into a bunch of homebodies. And what’s better than happy residents who want to stay a while!