These 5 Millennial Trends are Impacting Multifamily
As more and more Millennials are coming of age, they’re dominating CRE’s multifamily industry – and making some changes while they’re at it.
But, this isn’t anything new. Millennials have been shaking up contemporary business for the past few years. Those born between 1981 and 1996 have been at the frontline of everyone’s conversations as industries fight to win their hearts.
When it comes to commercial real estate, multifamily is taking a new shape with these 5 trends inspired by Millennials. Here’s how the sector is delivering what Millennials want:
Millennial families are growing and that means they need more bedrooms. While marriage isn’t on the mind of all couples that fall into this age group, a large majority of them already have one or more children.
Millennial residents are looking for multifamily properties that offer units with more bedrooms and bathrooms at an affordable price. As Millennials get older, they’re passing up studios and looking for apartments that have more than 2 bedrooms. If you’re looking to cater to a Millennial-fueled demographic, make sure you’re offering multi-bedroom options.
It’s no secret that Millennials love technology. Multifamily investors and developers looking to attract this generation of digital adepts need to focus on developing their property’s tech and connectivity.
Highspeed community wifi is a must, along with strong 5G connectivity. On top of this, Millennials are also interested in living with Smart Apartment technology. Today’s apartment buildings are being built with a strong web of cutting-edge tech infrastructure, enabling Millennials to live their best digital lives.
Ultra Luxe Amenities
Just because Millennials aren’t looking to pay high rents doesn’t mean they don’t want luxury amenities. Millennials want all the best multifamily services at an affordable price. Front desk assistance and building security are some basic points that Millennials are looking for, meaning that Multifamily property teams are expanding.
Great quality appliances are also being used to attract Millennial residents. Eco-friendly, sleek, and efficient washers, dryers, dishwashers, and stoves are becoming the baseline for in-unit appliances.
Health, Fitness, and Wellness
Health and fitness are a major part of the Millennial lifestyle. Multifamily properties are helping Millennials meet their wellness goals by offering state of the art fitness centers and gyms on the property.
This is one of the most coveted community amenities that Millennials are after. As a result, today’s multifamily developments are flexing their muscles and setting up fully-stocked fitness areas.
E-Commerce Mailroom Lockers
The e-commerce frenzy is at full force with the convenience-loving Millennial generation. Online shopping is a part of the normal daily routine for Millennial tenants, and they’re looking for multifamily properties that can support their heavy influx of packages.
That said, multifamily’s latest solution is mailroom lockers specifically designed to hold packages. Having a locked package locker helps to clear mailroom messes while also keeping tenant purchases safe and secure.
One of the greatest pain points related to online shopping is delivery issues and stolen packages – especially in multifamily buildings. Personal lockers streamline the process and keep it nice and organized. It’s also a double-bonus since it alleviates the burden placed on the property’s management team. Keep these 5 trends in mind when dealing with the multifamily sector. For more CRE news, check out our blog.