There is a lot of talk about the millennial generation in the media and for good reason. The generation born in the early 1980’s ranging to the late 90’s make-up the largest generation in the U.S. workforce right now which also has a lot of implications in the real estate market. Known for being digitally engaged, quick movers and valuing work/life balance, this generation has a different set of priorities when it comes to the apartments they rent. Despite being the largest generation in the workforce though, home ownership rates are also low amongst the group for a variety of reasons making them a key target in the rental industry. So what is the key to making your property appeal to millennials?
Location, location, location
The old phrase rings true in this situation. While there are many reasons that millennials are not buying homes, one of the biggest is that they are choosing to live in cities, where home ownership is often out of reach. Leading them to stay in the rental market longer than generations past. Apartments are more than just what is within the walls for millennials too, they want to live in the heart of it all, near restaurants, bars and other entertainment. Highlighting nearby attractions and other things that may improve their quality of life is key when it comes to marketing your property.
Maximizing Digital Marketing
Having grown up with the Internet most of their lives, millennials are known for being digitally engaged so be sure to maximize your digital marketing efforts. If your property does not have a quality website or active social media accounts, it may be overlooked by this audience. Take the time to create quality content and take photos and videos that they can easily find of your property. This generation moves fast, and the more information you can provide online, the faster they will be to decide if your property may be a good fit for them. For further social media tips, be sure to check out our blog post on “Tips for Showcasing Your Multifamily Property’s Upgrades on Social Media”.
Advertise Work/Life Features of Property
Work/life balance is important to millennials and they like their homes to reflect that as well. Especially because millennials also represent a large percentage of the workforce that works from home or are entrepreneurs. Do you have a business center or built-in office features at your property? Be sure to highlight those if you do! Same goes for nearby co-working spaces or cafes that they could work or meet clients at.
There are many things you can do to make your property more appealing to a millennial audience from adjusting your marketing strategy to focusing on work/life upgrades. If you’d like help identifying things that could benefit your property please contact us today.