Hey apartment renter, is this insight right?
When apartment builders decide where to locate their new projects, and what snazzy amenities to include in the development, they rely on market research to tell them what their future residents want. We got our hands on some of the most current info about what really matters to you, the young apartment renter, and now it’s time to see if you agree.
Here’s what the National Association of Home Builders thinks is most important in influencing where a Millennial renter will live (the Millennials is the latest moniker for Generation Y – children born roughly from 1978 to 1998 – typically the children of Baby Boomers. We’ve also heard the label “Rentennials,” as this generation is expected to be more entrenched in renting rather than choosing home ownership):
-Apartments should be in urban locations and located near public transportation. The thought is that the suburban, car-dependent apartment experience is passé. Young renters would rather be in the thick of things and not dependent on a vehicle if they can. Of course, the neighborhood should still be safe and located near convenient shopping and food sources that ideally can also be reached via public transport.
-Common spaces within apartments are now more likely to be open areas suitable for a social event, quiet conversation, business center work or even recreational activities. The return of the multipurpose space hearkens back to our grade school days, but also provides the ultimate flexibility both for property managers with diverse programming needs and residents who might want to host a cocktail reception one evening or a professional networking event the next.
-Bigger fitness centers, also with more open space. Today’s renters want their fitness centers to feel more like a real gym that they would otherwise pay a member ship fee to join and less like a jail. Apartment communities that provide a higher quality fitness experience, including yoga or pilates classes, believe they can edge ahead in the battle for renters’ hearts and wallets. Do you agree?