As millennials move out of their parent's homes and start life on their own, they're looking for apartments to live in. According to Property Management Insider, 72 percent of people under 30 rent their home. For property management companies that can find ways to attract these young renters, this demographic could provide a significant boon in business. If you run a property management company and want to target the millennial market, here are some amenities you can use to stand out from other apartments and attract millennials.
A Spacious Exercise Room
Installing a spacious exercise room might force you to increase rent, but millennials won't mind the increase if it offsets their gym membership fees. Nielsen Local notes that millennials are 19 percent more likely to have a gym membership than most people, making a workout area especially attractive to them.
If you put an exercise room in your company's apartments, make sure to leave plenty of open space. Having room for yoga classes and other programs will let millennials socialize and work out at the same time.
Discounts with Local Businesses
Citing a study conducted by the American Planning Association, the Orlando Sentinel reports that 56 percent of millennials would like to live in a walkable community. Rather than driving to the grocery store and work, they'd prefer to walk, or at least ride a bike or take public transit.
Offering discounts to local businesses caters to this preference, and it likely won't cost your company anything. Many nearby businesses, such as coffee shops, restaurants and shops, will agree to give your residents a discount, because they'll likely see an increase in traffic from your complex. When thinking about which businesses to suggest this idea to, focus on ones that are within walking distance or near public transit stops.
If you expect millennials to use common spaces in your apartment complexes, such a lounge, exercise room or pool, you're going to need to offer free Wi-Fi in those locations. Millennials bring their mobile devices everywhere, and they'll be frustrated if they can't connect between exercise machines or while lounging at the pool. Many may have a 3G connection through their cell phone, but they won't necessarily have 3G on their tablets and laptops, and 3G isn't as fast as most high-speed connections.
If you're going to offer complimentary Wi-Fi in public spaces, consider installing it throughout your apartment complex. You'll have to pay for the hardware and service, but those costs can be passed onto tenants by increasing rent. After all, millennials view a high-speed connection as a necessity, so they'd have to pay for it if you didn't include it as an amenity.
A Work Lounge
Forbes projects that 40 percent of employees will work remotely within the next nine years. Many of those people will be millennials.
You can give millennials a space to work in your complex by creating a work lounge. This should be a common place inside that provides:
- desks or tables to work at
- plenty of charging stations
- free Wi-Fi (if you don't have it throughout your complex)
- on-demand printing services
- scanning capabilities
To make a work lounge even more attractive, consider installing a cafe nearby or including a few stand-up desks among the workstations.
If you own a property management company like Harland Property Management and want to take advantage of the millennial market, you'll need to find new ways to make your apartment complexes stand out. The best way to differentiate your places from others is by installing amenities that millennials are looking for. Some, like a local discount program, require little investment, while others, such as an exercise room, come with a sizeable upfront cost. All of these, though, are worthwhile investments that could help your property management company grow with the next generation.Share