If you’re in the multifamily industry, you need to be paying attention to Gen Y, which makes up a large portion of the renting population. Despite a recovering housing market, many of these young people prefer to rent, and in a recent survey, 54% of respondents said that “renting has become more appealing.” Of the same sample group, 61% agreed that “renters can be just as successful as owners at achieving the American Dream.”
Obviously targeting Gen Y renters in your apartment redevelopment project is important, but how exactly can you do that? Take a look at some of the ways to use apartment amenities to appeal to a younger population of potential residents.
Embrace Technology in Apartment Renovations
Let’s be honest, most of us are permanently attached to our smartphones or iPads, and Gen Y is leading the way. By incorporating technology into your apartment redevelopment, you’ll automatically be catching the attention of the iPhone crowd. Consider including free wifi with apartment leases, or creating a wifi hotspot in your clubhouse with a coworking space for the work-from-home crowd. In individual units, consider modern necessities like flatscreens and how they would fit into the space. Features that facilitate wall-mounting flatscreens and hiding wires will be sought after by younger renters.
Go Green (and Make Sure They Know!)
Younger renters value sustainable design, but most are not willing to pay more for it. Incorporating green living features like on-site recycling, energy-efficient fixtures and appliances, low-flow plumbing, and other eco-friendly amenities will help capture their attention. They also love unique features, so think outside the box. Consider creating an organic garden space where your residents can grow herbs and veggies, or even a green roof, if your site allows.
Promote Fitness Amenities
In order to set your community apart, your fitness center will need to go above and beyond the typical mirrored room with a few machines and some free weights. Incorporating state of the art gym equipment is one way to go, but consider the possibilities of an indoor track or basketball court, a cardio theater, or a yoga studio.
With any apartment amenity renovation, it’s important that you leverage the amenity in your marketing and sales. What’s the point of completing an expensive multifamily renovation if you don’t use it to attract new residents or communicate value to the residents you already have?
If you are looking for ways to increase profitability on your multifamily property or are planning an apartment repositioning project, contact Professional Multifamily Redevelopment today. We specialize in project management for apartment redevelopment and renovations.