For many apartment communities, millennials are your key target demographic. Making your apartments appeal to millennials should be prioritized, and it doesn’t have to be a difficult task. There are a few key qualities they want to see in a property before they sign a lease and call it home. Keep these seven things in mind, as millennials are constantly on the lookout for them.
Whether they’re creating an Instagram page specifically for their Corgi or bringing their pet into the office daily, millennials are huge pet lovers. In fact, millennials are now the largest demographic of pet owners. Unsurprisingly, they are renters that are searching for pet-friendly apartments regularly. If your property prohibits pets, you are losing potential leases.
Although damage to your units caused by pets may strike fear into your heart, allowing pets could also lead to additional revenue. Most apartments properties require additional rent or incorporate pet fees into the lease. Allowing pets into your premises is not a zero-sum game.
Millennials crave convenience like they crave taco Tuesday specials. They want to be near the action and take lots of pride in the neighborhood they live in. Make sure to highlight your property’s location. Talk about where the nearest public transportation is, nearby grocery stores and gym, and different local hotspots.
Smart Home Features
Millennials grew up with technology playing a massive role in their lives. As smart home technology becomes more and more prominent, millennials are looking for these features in their future homes. Although smart home features are more of a luxury than a necessity, throwing in some smart home accessories can make your units feel trendy and with-the-times.
Smart home features don’t have to be expensive either. Including an Echo Dot in the kitchen or Apple TV in the living room are inexpensive ways to get involved in the smart-home movement.
Sustainability is at the top of millennial consumer’s minds. In fact, 73% of millennials are willing to pay more for sustainable goods. If your property is making efforts to be environmentally-friendly, make sure that it is known.
If you are still looking for tangible steps to going green, consider the following:
- Switch to LED light bulbs. LED light bulbs are not only brighter, but they also last longer than their traditional counterparts. Although they’re a bit more expensive up front, they pay for themselves in the long run. It also helps that these light bulbs will cut down the renter’s energy bill.
- Invest in better insulation. This will help during the winter when renters are forced to turn on their heaters. Better insulation holds the heat in longer which allows renters to cut back on heater usage.
- Install solar panels. This is a costly project and will take many years to break even. However, this is an investment for the future and a surefire way to show that your property values being eco-friendly.
A sense of community and belongingness is important to millennials, and you have the power to enable this feeling. Host some events to bring the renters in your property together. They can be budget-friendly as well. Think of get-togethers like movie nights, happy hours, and fitness classes if you have a gym. If you want to go outside of the box, check out this list resident event ideas.
As mentioned previously, millennials love a sense of community. Along with the amenities in their specific unit, shared amenities are important as well. Whether it’s a large pool area, a gym, or a coworking space, these shared areas bring people together organically. If your apartment property is equipped with any of these, make sure they’re being shown off in high definition images on your website.
In the age of instant gratification, make sure to be responsive to millennials. Forgetting to respond to an email or return a phone call could leave a sour taste in some mouths, which in turn means missed lease potential. Being quick to respond and easy to reach goes a long way. Millennials prefer to text and email, so make sure those options are available for them.
Implementing these seven things into your property will help optimize your apartments for a millennial audience. If you are looking to make significant upgrades to your community soon, consider these ideas. What do millennials love about your apartments? Let us know by tweeting us @ApartmentList.