In our last blog, we talked about the millennial generation and the impact they are having on how office spaces are designed and managed. Today, we’re talking about where millennials live. This generation now makes up 25 percent of the population, and most of them are more interested in renting than buying. They want to remain mobile and they expect access to the best technology and amenities –whether they are at work or at home. Today, we’re discussing how you can make sure your residential community is attractive to them.
Modern In-Unit Upgrades and Improvements
Work/life balance is more important to this generation than any other. They don’t see it as a benefit, they see it as a requirement. Millennials will often be working from home. They’ll need instant internet access and availability. They’re also looking to love where they live. Upgraded appliances, lighting, hardware, and finishes are not the only way to attract millennial tenants. Give them the flexibility to make the home their own. They may want concrete floors or large windows that allow for natural light.
Establishing and Maintaining Community
Millennials want to live in apartment buildings and communities that feel like small towns or villages (think college campus). They are in search of pools, a fitness center, and a business center where they can print, scan, and do things that they may not be able to do in their home office. Walking trails, bike paths, and dog parks are excellent ways to help millennial residents feel the sense of community that they need in order to be happy where they live.
Communication between Tenants and Management
The millennial generation is busy and mobile. They don’t like to come into the management office unless they absolutely have to. Communication with management should be digital, electronic, and efficient. Be available by text or on social media. Make sure your website is attractive, mobile-friendly, and engaging for prospective tenants. Everything should be available online, from applications to rental payments to maintenance requests. Create an online community for the residents living in your building or development. Your tenants will want to communicate with each other in a network that feels digital and social.
With millennials more willing to rent and less interested in buying, there’s a large pool of current and prospective tenants waiting to move into desirable, attractive rental properties. That’s good news for landlords and management companies, so make sure you’re well-positioned to compete for their business.
If you need any help updating your apartment community or managing your multi-family property with millennials in mind, please don’t hesitate to contact us at Latter & Blum Property Management.
Latter & Blum Property Management, Inc. is the property management arm of Latter & Blum, Inc., the oldest and largest real estate firm in the Gulf South. An Accredited Management Organization®, we manage commercial, multifamily, and residential properties in cities across Louisiana and Mississippi—and we’re constantly expanding to new areas.