REMI

Amenities for a new generation

Seven facts about millennials to help apartment landlords target this influential group
Monday, October 7, 2013
By Heidi Lamar

It is no secret that buyers and renters under the age of 30 are getting pickier about where they live. This group, known as millennials, has lofty expectations and the budget to get what it wants. Although many millennials can afford to purchase homes, some choose to rent because their jobs require frequent travel and they move often.

Here are seven more facts to help apartment landlords target this influential group. With the right amenities, an apartment landlord can not only demand top dollar; it also has the most enviable commodity of all: a waiting list.

1. Luxury is expected
Millennials grew up with granite countertops, stainless steel appliances and hardwood floors. When they travel, these mobile and tech-savvy consumers favour urban chic hotels and expect their living quarters to have similar amenities. Apartment developers who want to appeal to the new breed of renters should consider hiring an architect with hotel experience.

2. Space to work is critical
When not travelling, millennials often work from home. So, in addition to office space in their unit, they need a place to meet clients. Apartments with a hotel-style business centre and conference rooms are at the top of the list for these renters who bring their work home but prefer to meet clients elsewhere.

3. Green is non-negotiable
Millennials tend to be green-conscious consumers. Recycling programs and sustainable building features are hot buttons with this socially responsible crowd.

4. Entertaining counts
Millennials enjoy cooking for friends, so a well-equipped open kitchen, large outdoor patio and grilling area is at the top of their wish list. A community social room that can be reserved for larger parties and corporate events is also a high demand. Millennials are not looking for grand foyers; rather, they want well-designed, multifunctional spaces, which are a better value.

5. Keeping fit is part of the lifestyle
Millennials were raised to be physically active. A state-of-the-art fitness facility with a sauna is a minimum requirement; a resort-style pool is a definite plus. Millennials also like to bike and they need space to store their gear, preferably in their own unit.

6. Worrying is a hassle
Millennials don’t like to worry. They want secure, heated, underground parking, spacious, well-lit laundry facilities (or, better yet, a washer and dryer in their unit), security cameras and 24-7 on-site security. Many millennials also like the option of included utilities, which allow them to avoid budgetary surprises. On-site car sharing services, like Zipcar, are becoming more popular among luxury apartment communities, allowing urban millennials to skip the hassle of car ownership and insurance.

7. Saving is important
Budget-minded millennials like to save. One way they do this is by not having a car. They also save by using building amenities, like a fitness room, instead of paying for a gym membership. A great way for this generation to save is to rent a guest suite only when guests are in town. For example, the cost of an additional bedroom in a unit could be as much as $6,000 per year, compared to the cost of using a guest suite 10 times a year for a total of $2,000.

Heidi Lamar is the public relations director at See-PR. When not creating public relations buzz for her clients, she oversees the operations of her commercial and residential rental properties. Heidi can be reached at HeidiLamar@See-PR.com.

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