Blog

July 18th, 2018

Renters Want More Than Just An Apartment

Finding an apartment is no longer about just finding a place to live. Larger amounts of people are gravitating to apartments and staying in them longer. They are building their lives and raising their families in these apartments. It is becoming more apparent that apartment renters are looking for more than just a place to live, they’re looking for a home. The more convenience and comfort that is offered to residents the more likely they are to rent. Residents want to live in communities that make them feel special and have amenities that help cater to their living experience. According to a recent survey done by Village Green National Renters “respondents indicated they want to live in a community that feels like a true home.” Indicators of a true home come in the form of amenities and community.

Modern amenities both community and apartment draw in a lot of traffic to apartments. Features like washer and dryers as well as air conditioning are the modern amenities potential residents are looking for. A community with a staff that feels like family, a pleasant location, convenient features, and on-call maintenance will have people flocking to the multifamily homes. It’s important that apartment homes take notice of these trends if they hope to do well and keep their residents happy.

Millennial Takeover
Millennials are here and aren’t going anywhere anytime soon. They are making their marks in the workforce, in multifamily living, and in the economy overall. There are nearly 87 million Millennials living in the United States today. Millennials are the group of people who were born between the years of 1981 and 1997. This generation is very tech savvy and is considered the most educated generation to date. They are very sociable and are more environmentally responsible. They enjoy trendy designs and luxury experiences, and according to recent studies prefer renting over owning. This is good news for the multifamily industry because millennials can easily become their focal point for targeting renters.

What Millennials Are Looking For
Millennials tend to gravitate towards apartments that have a strong sense of community. Apartments that have nice gathering areas like lounges, picnic areas, and game rooms are very popular. Places where residents can mingle and get to know each other. It’s also desirable for apartments to have community events. They also really enjoy technical amenities that are environment friendly. Another thing that can make or break an apartment when it comes to millennials renting their homes is design. Millennials are very design conscious and appreciate modern looking homes. Apartments with creative designs and colors are more likely to draw in this group.
Millennials are a very unique group of individuals and multifamily properties would do well to pay close attention to what appeals to this innovating generation. It might just end up being beneficial to both the millennials and multifamily properties.