Generation Y, or Millennials, are those born in the mid-80s, and after. They have grown up in the digital age, love technology, and environmental awareness. There are about 70 million Generation Y renters that come with very specific wants and needs that you must know about if you want to start attracting them as tenants. Use these helpful tips to begin attracting Gen Y renters to your community today:
This generation thrives on being connected, so share content on social networks like Facebook and Twitter. As you create fans, ask them to help spread the word, share exclusive content with them, and offer prizes or contests. The more interaction and engagement the better.
Being online is key; so it is a must to have an accessible website. Make sure that your website is up to date with new listings, and create a mobile-friendly version as well. Remember, Gen Y seeks community, so it’s important to emphasize stores and other conveniences nearby, like bus stops, cafes, restaurants, etc. Focusing on local events is essential, because even the most devoted readers are unlikely to become renters if they live too far away from the action.
Post everywhere. Generation Y renters are less likely to read the classifieds and housing magazines in their housing search. Instead, they use rental websites to search online.
Whether it’s listings, social media sites or review sites, Generation Y renters are always connected. A RentJuice survey found that when deciding on their next apartment, 82 percent of renters will look at reviews of the property management company or apartment complex. It is wise to closely monitor your community’s reviews and respond to both positive and negative feedback. This way, renters see that you care and are working to rectify any issues.
Generation Y renters may be willing to put up with limited square footage to save money in return for amenities like free Wi-Fi, built-in iPod units, community activity, smart design, high-tech fitness centers , etc. Pack in as many techno-friendly amenities as you can.
Generation Y will invest in something if it is shown to be cost-effective and eco-friendly. They want to see how much they will save now and in the long-run, and how they will be saving the environment.
Green apartments are considered hip and a status symbol. Having the best eco-friendly amenities and property can be like showing off the latest iPhone. To get started, you can implement a streamlined recycling program, e-leases/renewals, a community garden, composting program, low-flow faucets and toilets, etc. If you want to go bigger, energy-efficient appliances (refrigerator, laundry machines) and windows rank highest on desired green amenities. Once you’ve gone green, let everyone know via your social media.
Generation Y is the world’s fastest growing group of renters. Get to know them and what they’re looking for so that you can make them your next tenants.
Mission Rock Residential to Manage 478-Unit Summerfield at Morgan Metro Apartment Community in Landover, Maryland
The Cordish Companies Announces Start Dates for Construction of Three Light and Midland Lofts in Kansas City Power & Light District
Graceada Partners and Osso Capital Close on 196-Unit The Edge at Lakewood Apartment Comnunity in Modesto, California
MG Properties Group Grows Inland Empire Presence with 352-Unit Multifamily Community Acquisition for $88 Million in Colton, California
The latest multifamily industry news
delivered to your inbox
LANDOVER, MD - Mission Rock Residential, a Denver-based multifamily property management company, is...
KANSAS CITY, MO - The Cordish Companies announced that the eagerly awaited $140 million Three Light...
MODESTO, CA - Graceada Partners and Osso Capital announced the acquisition of The Edge at Lakewood...
SAN DIEGO, CA - MG Properties Group, a private San Diego-based real estate investor and operator,...
GOODYEAR, AZ – Privately-held real estate investment firm, 29th Street Capital (29SC), has...
FORT COLLINS, CO - Mission Rock Residential announced a new management contract in its home state...
CHICAGO, IL - Interfaith Housing Development Corporation (IHDC), announced the completion of its...
TAMARAC, FL - FCP announces the closing of $8.6 million in preferred equity for the development of...
The latest multifamily industry news delivered to your inbox.