As millennials are increasingly seeking multifamily dwelling living conditions across the U.S., large property complexes must make some major adjustments to stay competitive with appealing to this growing generation. Research shows that the number of millennials renting has dramatically increased within the last decade, as more millennials are opting to rent over buying homes due to a variety of factors, including an expensive housing market and student loan debt. Property managers who tap into “millennial marketing” will be best positioned to attract millennial renters, who now constitute the largest generation in America. As you consider new marketing strategies, here are some factors that appeal most to millennials:
Community-driven lifestyle.
Millennials, unlike Generation X and baby boomers, tend to prefer more community-oriented lifestyles. This means they gravitate towards living spaces that offer a broad spectrum of additional accommodations, such as meeting spaces, entertainment options, and easy transit access. If your property currently lacks some of these facets, it may be worth re-evaluating what you can do to implement more community-focused amenities within your complex.
Opportunities for collaboration.
Because research has shown millennials prefer experiences of overconsumption, properties that offer a wide array of activities and gathering events will prove to be more interesting to most millennials. Promoting the use of community spaces for social functions, co-working, and other collaborative events can be instrumental in not only attracting millennials to your property but retaining them as renters for a long time. The more opportunity millennials have to connect with others where they live, the happier and more connected they will feel to the property at large.
Eco-friendly.
With millennials being heavily environmentally conscious, one of the most effective ways to appeal to this generation is by demonstrating that your property is committed to sustainable living. Take an inventory of all the environmentally-conscious decisions made within your property and incorporate this in your marketing pitch. For example, if you use non-pollutant paint or solar panels for heating, be sure to publicize these as part of a focus on helping your tenants live in an eco-friendly environment.
Taking some time to understand millennials’ preferences and how they impact their lifestyle choices will ultimately help you effectively showcase your property to this ever-growing generation of renters.
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