As we discussed in a recent post, the multifamily housing industry is watching young renters, and the preferences of the Millennial generation are already starting to affect apartment renovations and amenities. Apartments.com has released a list of the top 10 cities for recent grads, with Phoenix at number one. The other cities include:
- Orlando, FL
- San Antonio, TX
- Columbus, OH
- Austin, TX
- Raleigh, NC
- Oklahoma City, OK
- Fort Worth, TX
- Dallas, TX
- Minneapolis, MN
Competition for jobs is high and apartment rents are, too, which means more recent grads may be taking advantage of the multifamily housing trend toward micro apartments. These tiny units can be as small as 220 square feet, 40% smaller than the average studio apartment, yet they speak to two important market factors.
Millennials want to live in urban, walkable areas and are willing to go small in order to live in their ideal neighborhoods. But they are also the generation of the recession, and may favor smaller, more affordable units due to the economic uncertainty which has characterized much of their adult lives.
Multifamily investors are beginning to meet this demand by providing micro apartments, as well as through apartment renovations of existing properties. Smart multifamily renovations are breathing new life into old properties and even transforming commercial spaces like old mills and warehouses.
Are you interested in an apartment repositioning or remodeling project to capitalize on the micro apartment trend? If so, contact PMR today. Our experience in the multifamily remodeling industry and project management make us uniquely qualified to bring your Millenial-targeted multifamily project to fruition.
Photo by iprostocks via FreeDigitalPhotos.net