How to attract and retain Millennial tenants
How to attract and retain Millennial tenants
11 January 2019
As of the 2016 census, millennials (also called Gen Y, and born between 1977 and 1997) have officially surpassed baby boomers as the largest generation in Australia.
As a result, many cities are attracting droves of young people, a majority of whom plan to rent. And they are looking for living spaces that suit very specific needs and desires.
They are the generation of novelty. They’ve grown up surrounded by rapidly changing technology, which has given them access to services that previously didn’t exist, connectivity like never before and a hyper-awareness of the latest trends.
As distinctive as millennials are, there’s no need to puzzle over the generational divide. Building owners and managers need to know what, in general, this group is looking for in a living space, to not only attract young renters but retain them as well.
Here are 5 key factors to consider for attracting millennials to your building:
1. Location, location, location
As millennials are now the largest segment of the workforce, they look for places to live that are close to employment centres. And this often means closer to urban areas. They want to be as near to the action as possible.
Parking is important, too, especially in car-centric cities. They’ll also want the option to leave transportation, including cars and bikes, in a safe, convenient place for longer periods of time.
2. Multi-purpose communal spaces
The social trend in this generation is to gather in public places rather than the home or living space. Places to gather on-site with friends, especially spaces that can accommodate a variety of different activities, including lounges, game rooms and courtyards, is important.
3. Amenities with personalised services
Standard amenities like fitness facilities and a pool no longer are enough. Rather than just having the equipment available, make it a service, such as bringing in personal trainers and vendors, as well as providing ways to enhance their solo workouts with options like Fitness on Demand.
Pets are also very important to them, which means providing pet parks, waste disposal bags and walking paths.
4. Cutting-edge design
New developments are taking notes from the hospitality industry to stay on the cutting-edge, as this generation wants a high-end feel at an affordable price.
Luxury finishes, such as hardwood floors, top-notch appliances and granite countertops make the space feel to them like a high-end indulgence that’s still in their price range. A run-down, outdated place isn’t going to turn heads.
5. Dollars and cents
Millennials are willing to rent smaller spaces for more money if they feel they are getting a good deal and they have access to other larger activity spaces, public places and fun things to do. Older properties can stay competitive if they are able to keep their rents lower than the newer properties, while offering similar amenities and services.
Millennial tastes overall are not that different than any other young group at one time or another. They want to be close to work and leisure activities; they want to spend time with their friends; and they want to live in nice, safe places.
Every generation has their particulars, so the best way to get people in the door and keep them there is to cater to what they want.