Millennials are more likely to delay the homebuying process until later in life which means they’re renting for a longer period of time than many of the generations before them. This also means that their renter journey will look a little different too. It’s less about having huge spaces, private backyards, or settling down in the suburbs. Instead, a majority of millennials consider community amenities a higher priority than anything else in addition to a location that is nearby to work and friends and flexible leasing terms.
Different things will be important to different people, but most millennials can agree on the top amenities that they hope to have within their chosen rental community. Apartment communities that not only allow pets, but also include them by offering things such as a dog park or pet spa will make an impression with millennial renters. Other common area spaces like outdoor entertainment areas, fitness centers and co-working rooms are also high on the list. Don’t forget about smart home features or the power that convenience will have on a renter’s ultimate decision on where they live. Additionally, this new age renter simply wants to live somewhere they can rely on so having strong communication with residents and also regularly engaging with them by hosting events is a must.
It’s no secret that millennials value their four-legged friend’s companionship as they often search for communities that offer dog parks, sanitary dog waste stations, and any additional amenities that will help their pets live their best lives. In fact, millennials are currently the largest segment of pet owners so it’s crucial to have pet-friendly community amenities that will cater to these needs. Developed and managed by P.B. Bell, Copper Falls in Glendale features a spacious off-leash dog park. On top of this, the community offers a pet spa. This pet-friendly amenity enables pet owners to be able to easily and efficiently wash their furry friends in a more spacious and deeper sink, as opposed to trying to wash their pups in their own bathtubs!
The Convenience Factor
Convenience should be top of mind with any multifamily community’s amenities, but millennials are paying the most attention because they’ve grown up having conveniences like cell phones, super-fast internet, and all the information they could ever need just by opening up their browser to Google. They are a little bit higher maintenance, and it’s not necessarily a bad thing. They’re pushing developers and management companies to step up their game and it’s showing. Renters today require amenities such as package lockers and valet trash to make their day-to-day life a little easier. Gone are the days of coming home to missing packages at your front door or taking your trash to the curb after dinner after it’s dark out. Convenience is something sought after by most millennials today and communities that cater to these needs are much more likely to get that signed lease from a prospective renter. The Curve at Melrose is a mid-rise community in Phoenix developed by P.B. Bell that offers plenty of convenience to renters including package lockers, valet trash, elevator service, on-site parking, online resident services to pay rent and submit maintenance requests, and so much more.
Common Areas Large Enough for Privacy
When it comes to common areas these days, millennial renters want access to spaces they can hangout outside of their apartment homes, but they do not want to be on top of their neighbors either, so it’s important to create amenity spaces large enough for many people to enjoy at once even if they’re not necessarily mingling together. The most popular common area spaces for millennials are outdoor entertainment areas with lounge seating, tv’s, yard games, grilling areas, and of course, pools. Fitness centers with on-demand classes and coworking rooms for collaborating are also desired. Copper Falls located in Glendale near State Farm Stadium and Westgate Entertainment District offers a 24-hour state-of-the-art fitness center with a separate spin room and an outdoor exercise lawn. This brand-new luxury community also provides its residents a spacious indoor/outdoor clubroom with a chef’s kitchen, coffee bar, plenty of lounge space, gaming areas, and more. Not to mention, the heated outdoor pool and spa is one of the largest in the Phoenix metro area.
Security and Safety Measures
When it comes to millennials and renting, security and safety is an important topic and it’s definitely a factor in their decision-making process. Safety is an especially important amenity for millennial renters as research shows that 63 percent of this demographic would move out of a community if it lacked proper and quality security measures. With this in mind, having gated access to the community and its amenities offers peace of mind to residents. Within their apartment, these renters want to have things like smart door locks and security cameras. In fact, millennials are willing to pay 20 percent more for homes with smart home features which further highlights the level of importance of integrating these capabilities into a community. One of our P.B. Bell communities in Peoria, Paradise @ P83 features smart apartments with smart door locks, light switches and smart thermostats, all easily controlled with the MyAPT app by Cox.
Resident Communication and Engagement
We already know millennial renters seek convenience, and they are often known for needing instant gratification too. This means that apartment communities need to be quick when following up on a lead because they’ll soon be onto the next and you’ll have lost your chance if you wait too long. According to Zillow, the average renter contacts 4.7 apartment communities during their renter journey and only tours 2.8 communities before making a decision on where to live. The same philosophy applies to connecting with people once they move in too. If you’re poor at communicating from the beginning, people assume that will be the same once they’re a resident. No one wants to live in a community with office staff that they can’t rely on. Kindly picking up the phone, responding to a text, or sending an email to residents in a timely manner will go a long way and boost resident retention too.
Events are an important part of any resident retention plan and they speak volumes to millennial renters. Although events have looked a little different recently in the wake of Covid-19, it’s still important to integrate resident events and engagement opportunities to continue to connect with residents in addition to these other community amenities. Research shows that 69 percent of millennials believe that experiences help to foster deeper relationships and connections. In order to fulfill this community-oriented mindset, it’s crucial for onsite property management teams to get creative with their resident events. Utilizing food trucks, social media contests, virtual events and more will help residents to mingle, network and hangout together.
Whether you are seeking to retrofit a community, start a new build or hire a quality onsite management team to boost engagement, our P.B. Bell team is experienced and ready to help you create the perfect multifamily community for millennial families, as well as additional prospective residents. Visit our development services or property management services and give us a call at (480) 951-2222 to learn more.