In one of our recent blog posts, we generally discussed how the millennial generation has impacted the real estate industry. We learned millennials are on pace to make up a large portion of the renter’s population for many years to come, and how they are redefining the desired product renter’s look for in a multifamily property. So today, let’s take a deeper look into some of the specific amenities that can fulfill the demand of the average millennial tenant.
In this day in age, millennials are rapidly setting new trends and constantly changing their wants and needs. So when it comes to property amenities, it’s crucial to implement features that will stand the test of time.
One of the most popular amenities among millennials is an updated, inviting pool/outdoor area that can be used to socialize with roommates, friends, and fellow tenants. If there is square footage to spare, coupling a few pergolas with comfortable, colorful outdoor furniture can result in a relaxed, resort-like setting resulting in a lot of usage by tenants. Whether it’s for a pool party, working outside on a nice day, or just relaxing in the sun with friends, providing that comfortable outdoor space is very attractive to millennials and can be a convincing factor when it’s time for lease renewals.
Another amenity millennials love that can prove equally beneficial for property managers and owners is a valet trash service. For the tenant, it’s as simple as eliminating that annoying walk to the dumpster, millennials love that convenience, and it will easily become the most frequently used amenity on the property.
For the property manager or owner, a valet trash service has multiple benefits. First of all, it increases your property’s overall curb appeal, which is what often gets tenant prospects in the door. Secondly, it’s often coupled with a recycling option, another feature millennials are interested in, thus further increasing property marketability. Lastly, valet trash services create another stream of revenue, consequently increasing the overall value of the property. It may not be a tangible asset, but once owners and renters experience a valet trash service, they appreciate the benefits and convenience provided.
Now for unit amenities. From a cosmetic standpoint, you can satisfy millennial demands without breaking the bank and completely re-doing the units. Wood-like flooring is still desirable, especially when coupled with nice kitchen counter tops and cabinets. For millennials, more is less, so it’s better not to over-design units. A clean, minimalist approach allows tenants to put their personal touch of creativity on the unit, making it feel more like home, and hopefully retaining their lease for an extended period of time.
In regards to utility features, one of the most desired features by millennials is a washer/dryer connection. Much like the valet trash service, eliminating a trip to the laundry mat or on-site laundry room is a convenience millennials are gladly willing to pay for in cash and square footage.
Another simple feature owners can use to increase unit appeal is adding USB ports to wall plug-ins. Millennials are constantly using numerous USB-charged devices to work, stay connected via social media, or simply surf the internet. So having the freedom to use their devices anywhere in the unit is major bonus for millennials. It’s a relatively inexpensive amenity to add, and a surprising selling point during property tours potential tenants will find very useful.
If owners are looking for a touch of luxury to add to their units, remote-controlled lighting and air conditioning is a huge bonus most tenants have never had the pleasure of enjoying. Nothing beats turning off the lights without having to leave the comfort of your bed. Having said that, it might not be the most cost efficient amenity, so a good substitute is an adjustable light dimmer on wall switches.
These are only a few examples of features millennials desire in an apartment, so you can click here to see more features that can be added to a property to attract more millennial tenants.
Not every multifamily property has to target millennials as their primary tenant demographic to be successful, but as time progresses they will become the majority of the renting population. So it would be beneficial to at least start understanding what the millennial generation look for in a living space. Once that has been achieved, owners can do what’s best for their property to keep vacancies low while retaining millennial renters for years to come.