Today’s Millennials have a very different set of priorities and buying behaviors than generations past. Nowhere is this more apparent than in the rental and housing markets. In this article, we’ll discuss how hotel-level amenities are changing the apartment industry and what property managers can do to attract more millennials, specifically in the areas of: Technology, Design, Services.
Renting vs. Buying
Millennials are not buying homes at the same rate as their baby boomer parents. In fact, a new report from the Urban Institute finds that “home ownership is 8 percentage points lower than baby boomers at that age and 8.4 points lower than Generation X.” Millennials like living in areas where home ownership is out of reach but, if they can locate an apartment community within that same area, they’ll trade the dream of home ownership for the lifestyle and amenities offered.
Lifestyle & Amenities
The hospitality industry is a never-ending competitive cycle. Long ago, they figured out that the key to attracting and retaining guests was lifestyle and amenities. Smart property owners are taking this concept one step further. Not only do they offer hotel style amenities but they are bringing personal service and lifestyle choices into every element of the design of their properties.
Property Managers – Get Your Game On!
Today’s property managers are concierges, event planners and more! Today’s renters want more than just a place to live…they want a place that enhances their lifestyle! More importantly, today’s audience is willing to pay a little more to get what they want. Property managers need to be in tune with the latest trends for the markets they serve and make proactive recommendations to building owners to attract the right audience.
If you own commercial property, especially in the apartment sector, you want to be sure you have a property manager you can rely on and real estate experts who understand how to maximize returns on investment. So, before you purchase, invest in, or renovate a commercial property, think about the added value (and rental income) you can generate if you take it one step further and provide the lifestyle people are seeking! Contact the experts at Rachuba Real Estate Advisors today! We provide sound guidance for real estate investors who own commercial properties. We also provide property and facilities management services to maximize your real estate investments.