When you see articles within the multifamily industry talking about the amenities millennials want, you see smart locks, partnerships with urban coffee shops, and free yoga classes… but do all millennials really want these things? While most renters (millennials or not) wouldn’t mind living closer to their favorite coffee shop, after interviewing renters across California, I’ve found that ‘Generation Yers’ might not have as expensive tastes as the industry thinks. In fact, millennials are quite interested in finding a home with inexpensive amenities.
It’s time to move over Millennials, Generation Z are the new renters in town. While the rental industry has been focusing on how to attract and retain millennial residents, the next generation is quickly coming to rental age. The big question is, ‘how can you prepare for this upcoming generation?’
After New York’s first micro-apartment building, Carmel Place, garnered over 60,000 rental applications early last year, whispers of the marketability and affordability of micro-units have rippled across the U.S. Among rising developments in Miami, Kansas City, and Queens, pro micro-apartment legislation in California has reached the senate level.
As you get ready to market your new vacancy, take some time to familiarize yourself with the two biggest groups of applicants: Millennials and Generation X renters. Millennial renters (ages 18-34) and Gen X renters (ages 35-50) consist of 85% of the renter population, and are a big driving force for mobile usage (also known as “Generation Mobile”). While these two renter groups continue to depend on online resources, you might want to migrate your leasing process online. Take a deeper look at what the difference between Millennial & Gen X renters is in our infographic below.
The rental market is primed for properties that cater to the interests of millennials. This group of renters is often continuing their education or building a career, and are more in favor of temporary residences over finding permanent foundations that could hinder their ambitions. Learn some of the best ways to attract this growing group of potential tenants, and help your business succeed!
Straight out of college and with a few more months under my lease, I was excited to go out into the world and find my own place. After talking two of my college girlfriends into renting a place together, my new roommates and I sought out what every graduate wants, freedom; the freedom to watch Netflix all night without my parents cutting off the WiFi, the freedom to make healthier lunch choices than top ramen, and the freedom to put on my business attire, get a job, and tell myself that I was officially an adult. Admittedly, I was a little ahead of myself. Renting a home with my roommates would be a lot more challenging than I expected.