Millennial are the biggest generational cohort in the renting market. Around 60% of millennials are currently renters in the housing market, in which they account for the majority of the market in total. Given their numbers, many landlords have had to appeal to their interests in order to win them as tenants. Millennials have different desires than previous generations when it comes to the amenities that they want in a home. Here are a few must-have amenities for millennial apartments.
We have all heard how stressing the importance of location, and millennials are no different from their predecessors when it comes to wanting to live in a desirable location. Many millennials want to be close to their jobs, but also close to exciting entertainment, like shopping and fine dining. Unfortunately, some features millennials love can come with hefty trade-offs. Some of the trendiest areas can often fall victim to crime problems. Affordable parking can also be challenging coming by in densely populated areas.
When advertising vacancies, it is valuable to mention your property’s safety measures, parking options, and transportation routes. Including information about commuter train stations, bus routes, and freeway access can attract renters seeking convenience.
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Fitness and Recreational Areas
Fitness and recreation centers can be incredibly valuable, selling features for many renters. For some, joining a gym can be an impractical extra expense. Having access to an onsite gym is convenient and can encourage a healthier lifestyle.
Recreational areas are another amenity that millennial renters love. Without a large spacious house, many apartment dwellers may feel they are unable to entertain guests at their home. However, many apartments have clubhouses, rooftop terraces, and other spaces that are available for residents to use. Landlords can host fun social events in these spaces like movie nights, pool parties, and potlucks. This creates an opportunity for the sense of community that apartment complexes often lack.
Millennials are more conscious of their environmental impact than previous generations, and they want their homes to reflect this. They want ecologically friendly upgrades like sustainable windows and doors, energy-efficient appliances, and solar panels. Other excellent features to have are recycling bins, waste reducing water bottle filling stations or a community composting garden.
In addition to those simple eco-friendly upgrades, there other steps property owners can include making their units more attractive to environmentally conscious renters. Offering car charging stations for renters with electric vehicles and hybrids is resource renters are sure to appreciate. Including features like motion sensor lights and smart thermostats can save energy and reduce the cost of utilities.
Around 35% of millennials own pets, a percentage that outpaces all other generations. This makes finding a pet-friendly apartment an exceptionally high priority for many of them. Many apartments that allow pets offset the cost of potential damage by charging pet owners an animal fee, but there are many pet-friendly upgrades that apartment owners can implement that will make things easier for both pet owners and landlords. Simple things like installing wood or tile floors instead of carpet can reduce the cost of solving pet-related accidents.
Creating a dog-friendly green area or being conveniently located by a walking trail is an excellent way to provide dogs with the space to run around that is not typically available in apartment complexes. Providing information about local doggy daycares as well as high-quality vets and emergency services is also sure to impress your animal-loving tenants.
As a generation that is often associated with student loan debt, it is unsurprising that millennials consider affordability to be a top priority. According to a recent survey, the average millennial will spend up to 45% of their income on rent before the age of 30. This is almost half of their income during a time that is crucial for earnings growth. With that in mind, many millennials are looking to get the best bang for their buck.
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To stay competitive in the renting market, landlords should look at the comps in the area and price accordingly. Because of their desire for affordability, many millennials are willing to live in smaller quarters. There are many ways landlords can maximize square footage and get top dollar for smaller spaces. By creating an open floor plan, multi-purpose spaces, and a light and bright design, even the smallest of spaces can leave renters feeling comfortable and at home.