Multi-family property owners are relying on millennials to keep vacancy low and renewals high – along with a steady stream of revenue. As for the millennials, there are two key items – location and amenities. Developers have known this for some time and focused on the importance of premium amenities in generating interest for new buildings. To attract and retain millennial renters and buyers, here are the top features and amenities they are seeking.
Pet Friendly – 57% of millennial households have a dog or cat. Millennials make up 40% of the housing market, so their furry friends need to feel welcome.
Wood or wood-laminate flooring – Wood is the top choice for millennials. It’s easy to clean, especially with pet hair, and looks modern and simple.
Washer and dryer in unit – If space is at a premium, millennials will accept a stacked washer and dryer in a small closet. But this convenience is hard to overlook.
Modern kitchens – Believe it or not, 75% of millennials claim to enjoy cooking at least 4 times per week, according to YPULSE. Healthy eating is important to this generation. Additionally, the cost of eating out often becomes prohibitive, and many millennials consider themselves foodies who love to cook.
Smart controls for HVAC system – Millennials are eco-friendly in addition to being tech-savvy. With programmable controls from their phones using apps such as Nest, they can also save money.
Dog park/pet washing area – Along with allowing pets, additional perks such as a place for dogs to run/walk is important for those who believe in pampering their pets. The socialization and sense of community are added benefits here.
Fitness areas with studios for classes – 76% of consumers aged 18-29 enjoy gym-related activities such as yoga and pilates, along with instructor-led fitness classes.
Bike storage or bike racks – Biking for transportation and exercise is on the rise, especially with millennials. Biking to work has increased 60% over the last decade, according to the most recent US Census Bureau. Millennials want to know their bikes are safe – and not taking up precious floor space.
WiFi availability and great cell phone reception – With fewer landlines and 24/7 connectivity, millennials never want to be offline and require super-fast internet service.
Shared car service – Flexible transportation options is important to millennials. Convenient and efficient choices for transportation are highly valued.
Public-use spaces – Conference and/or business rooms are no longer in high demand, but having a multi-use media room, large screen TV for big games or movie screenings, and a coffee bar for morning pick me ups is a great perk.
Comfortable outdoor areas – While millennials are willing to sacrifice square footage in their personal space, they are looking for great communal space outdoors. An area with a fire pit, barbecue grill, pool, and sufficient seating is ideal for entertaining and socializing. Rooftop spaces with views are a great option.
With their ever-increasing importance, amenities like these have become the norm for millennial building dwellers.