Millennials are shaping the world of today. They approach any orthodox concept and attempt to reinvent it. From fashion to technology, the millennial generation has been instrumental in bringing disruptive change to modern life. It has done so in ways that are at once radical and extensive, even going as far as impacting the real estate sector.
For a multifamily syndicator such as myself, it’s only proper for me to place as much focus on the millennial market as I already have on the baby-boomer sector. In fact, both demographics present great opportunities for the multifamily sector. Boomers are seeking to retire in low-maintenance housing, eschewing home ownership altogether. Millennials, on the other hand, want to settle in small-scale properties as they begin building their careers.
Still, these groups require different approaches to getting them interested in an apartment complex in your portfolio. For millennials, reaching out to them poses much more of a challenge, considering how they are just as meticulous as the generation before them.
You can take the easier path by applying these simple tricks that any multifamily syndicator worth his salt can handle:
Do your research and keep yourself up to speed
Millennials are progressive as much as they tend to consider themselves as trendsetters. They are able to adapt to innovations and, at most times, keen on starting trends themselves. For this reason, it’s important to conduct ample research on recent cultural phenomena that your property managers can leverage.
For instance, memes are known to attract millennial buyers due to their effectiveness and relatability. You should be able to use the right memes in your advertising, more so use them in the right context. For sure, you wouldn’t want to underestimate a millennial’s knowledge of memes, especially the most recent ones.
Provide the amenities they are seeking
It’s important that your apartment complexes have the right amenities for millennials. Remember that millennials are keen on adapting to new trends and developments in culture and technology, so you may as well apply this same observation when renovating your multifamily assets.
You can start by adding fitness rooms and co-working spaces where freelancers can be at their most productive. As an additional value-adding component, you can opt to set up a coffee shop or a gym. Aside from attracting young tenants to the property, you are also increasing its NOI and, more importantly, its market value.
Create a collective atmosphere
It’s true that millennials pursue a more individualistic lifestyle, but it’s only because they are yearning to develop their creativity. They acknowledge this inherent need for self-expression by collaborating with like-minded individuals, whether it’s driving towards a business startup or accomplishing artistic milestones.
Building a community and promoting collaboration in your multifamily properties are just two of the most important ways to attract more millennial tenants. From fitness hubs to art galleries, there are many approaches you can leverage in order to appeal to the sense of community that millennials currently possess.
I hope these tips will help you attract more millennial renters to your properties. If you have other ideas that I haven’t tackled, share them in the comments below.