Making Your Multifamily Property Appeal to Millennials

Modern Gem Design :: Making Your Multifamily Property Appeal to Millennials

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.

Renovations to Consider for Micro or Small Apartments

Ben Jacobsen/Northeast Collaborative Architects

Ben Jacobsen/Northeast Collaborative Architects

Often times, apartments in metro areas may be a little more compact than suburban options. Location, location, location right? Just because your units may be small in square footage doesn’t mean that they can’t have mass appeal. With a little creativity, you can optimize the space so your residents can still have everything they desire. Here are some suggestions for renovations you can make to maximize the space available and help keep your property at max capacity.

Multi-Purpose Uses

When you’re living in a small space, often rooms take on multiple purposes. Something you can do to maximize the space is offer flexible design elements like a rolling kitchen island or dining table or a murphy bed. By utilizing these options, tenants can turn the kitchen island into a work area when the bed is put away or use it for other uses. The key is to create a space that is flexible and easy to adjust based on your tenant’s needs at the time.

Smart Storage Options

Storage options can be really tricky when you’re upgrading a small space. This is often a major concern for people when it comes to a small space. When thinking about upgrades that will appeal to tenants, consider smart storage options like built-in shelving and cabinets. By showing them the options that have been built-in, you will be able to help them visualize where they could keep all of their belongings.

Another option to consider for your property is offering communal options like a storage room or bike room. These are other features that will immediately relieve any stress over not having enough room for belongings.

Compact Appliances

Compact appliances can be a great way to maximize the kitchen space available. By cutting down on full size refrigerators or ovens, you may also be able to upgrade the spaces to include modern amenities like dishwashers that are more standard in suburban rentals. Another great option is designing a kitchen space with a built-in microwave. In small kitchens, finding space for a microwave can be tricky since countertop space is often small and you also don’t want to block off one of the few cabinets.

Smart Privacy Options

Another way to maximize space for smaller units is by integrating features like pocket doors into rooms. This can help provide privacy options in between rooms without taking up precious space or worrying about a door blocking part of the room.

More than anything, the thing to keep in mind when it comes to upgrading small rental units is to do so thoughtfully. By creating a space that serves the needs of your tenants plus provides upgraded amenities not only will you have better luck filling vacancies at your property but your tenants will also be more likely to continue to rent with you. If you need help remodeling or making the most out of your units contact us today!