Excellent post with insight into the top priorities for millennial renters.
As the largest living generation in the US, Millennials have a major role to play in the shaping of real estate trends. Everything from apartment designs and selected amenities, the size of the units and the incorporated technology within them. Each generation is different from the preceding one, often in shocking ways. Unlike their parents or grandparents, generation “Y” has evolved to be more comfortable paying rent rather than committing to a 15- 30-year mortgage.
However, millennials are looking for more than just a place to live when deciding where to lease an apartment. I’ll list some of the top apartment amenities to help attract millennials to your Portland, Oregon property.
- Technology Amenities: Technology-based amenities are very important to millennials. Nearly everything in the world today runs on tech and homes won’t be an exception. Here are the top technology amenities millennials look for when deciding where to lease an apartment.
✓ High-speed internet: While most properties offer internet services, millennials are known to have more interest in homes with the fastest internet services. The typical millennial owns a tablet, a phone, a computer, and a smart TV connected to their Wi-Fi.
✓ Strong Cell Phone Signals: Having strong cell service is a must as millennials tend to use every inch of the property.
✓ Virtual Doormen: Millennials are huge fans of online shopping. It is very normal for millennials to receive packages from Amazon 7 days a week. To make things even better, having a virtual doorman should act as an ideal selling point as they guarantee the safety of packages.
- Common Space Amenities: When someone is searching for a home, they’re looking to have more than just a living space when they rent an apartment. A study by Forbes shows that millennials love renting apartments due to the conveniences and sense of community they offer. For this, common spaces are among the top amenities to attract millennials. Common space amenities play an almost equal role as technological amenities.
✓ Outdoor and indoor living space: You need to understand millennials need something better than just a roof. Functional indoor and outdoor living spaces are an ideal way to get closer to their needs.
✓ Dedicated Pet Space: Millennials have a genuine love for their pets. Properties with incorporated pet spaces have an upper hand on the Portland, OR market. Be sure to be listed on a list of properties that are pet friendly as millennials are actively searching for pet friendly apartments. This is very important for urban properties where outdoor spaces are limited.
- Work and Play: These fuse in an online world. I can work anywhere, I can play anywhere, and I can connect with friends anywhere. Living arrangements need to support this with high speed Wi-Fi access and multiple power outlets available.
- Health: An apartment must have a healthy living environment to support a healthy lifestyle. Having a green garden on your property is a start, you can also lease part of your property as a fitness center. You can also be proactive like posting fun run events on your bulletin board and Facebook page. This is one of the recent areas where multifamily apartments have begun to differentiate themselves.
To increase revenue and provide ease in doing business, I highly recommend you contact Princeton Property Management at 800-275-4313 for your Portland property management needs.