With nearly 87 million Millennials living in the United States today, the market potential for the multifamily segment is at an all-time high. Better yet, the majority of Millennials say they prefer renting their residence over owning a home*, which is great news for multifamily properties—especially for those wanting to appeal to this formidable group. So, just who are the Millennials? They are the most diverse and the most educated generation to date. Still, despite their varied makeup, they also have a lot in common. They like luxury experiences and trendy design aesthetics. Their allegiance to family and friends is strong. They have an innate appetite for technology and an appreciation for environmentally responsible products. And, they are shaping multifamily properties like never before.
Millennials appreciate a good experience—even more than things. In fact, they are willing to spend more money on a property that offers choice and convenience in a comfortable community. It may be worthwhile, then, for properties to consider investing in common areas like rooftop decks for socializing, cyber cafés for intermingling work with play, and well-equipped laundry rooms with machines that give excellent, energy- and water-efficient wash experiences in a relaxed communal setting.
Make room for roommates.
It’s typical for Millennials to live with at least one other person, which may be one reason common areas are so important. In fact, most—some 82 percent*—of Millennials live with at least one other person. Many choose to live with roommates rather than go it alone because they want to reside in larger or better units or they can’t afford their desired neighborhood by living on their own.
Tech is a native language.
As the first “digitally native” generation, Millennials place great value on technology and having vast amounts of information at their fingertips. Amenities like high-speed internet, high-tech digital security, and even smart locks are considered must-haves for any property. This population also appreciates high-tech appliances and fixtures that make everyday tasks such as cooking, cleaning, and laundry easier and more efficient.
Property owners, take note…
Millennials are a design-conscious group who want to be perceived as unique and trendy. They prefer communities that boast character and ambiance, along with a design that promotes healthy, earth-friendly lifestyles. In tangible terms, this translates into sustainable options, stainless steel appliances, high-tech fixtures, simple cabinetry, hardwood floors, and minimalist design throughout their home and property.
Are Millennials a diverse audience? You bet. Are they elusive? No, and multifamily properties who pay attention and learn to appeal to this trend-setting generation have much to gain now and well into the future.
* Source: Urban Land Institute