July 14th, 2017
Current Multi-Family Landscape: 3 Ways to Attract Gen Y Renters
In the current multifamily landscape, attracting Gen Y renters and keeping them can be difficult, but it may not be for lack of effort on your part. You may have every intention of having your apartment complex full of vibrant youth, but their lack of commitment and determination for novelty keeps your head (and the door) spinning. If you want to attract Gen Y renters to move into your apartment complex, here are three ways to help you do so:
Understand the values of Gen Y. One of the shared values among young adults is socializing. Amenities such as clubhouses, movie screening rooms and outside areas to lounge are highly sought-after as group gatherings are quite common and frequent.
Personalization is a huge interest of Gen Y. The more a young adult feel as though something is “theirs” and truly reflects their style, the more they feel invested in it. So consider letting residents do something to customize their front door, perhaps by attaching small whiteboards to all of them.
Understand that job schedules are split among those in Gen Y. While many young adults do have more traditional jobs, other young adults are making a living as independent contractors. This inevitably affects the way they live (schedule, sleep cycle, etc.). Consider designating a certain part of your complex for night owls and another side for early birds.
Although the multifamily landscape is always chancing, Gen Y renters are easy to market to if you know what their interests are. By knowing what they like, tailoring what your community offers will yield a great ROI without much effort!