The Millennials Age And Its Connection With The Rental Market And Apartment Amenities
The available apartment amenities have long been a primary and significant reason residents sign and renew their lease. While 2020 may have changed the multifamily system in the short term, residents continue to seek apartments in Whitesboro, NY, with the best available amenities.
But drawing new tenants is easier said than done. With so much competition in the marketplace, it often comes down to the apartment’s features and amenities.
Statistics suggest that Millenials are on the verge of overtaking baby boomers as the largest adult generation. Millennials now represent a significant portion of all renters, comprising 40% of the housing market and 90% of the rent.
A study by Business Insider revealed that growth in the rental market could outpace homeownership over the next decade. Consequently, more and more young people are entering the rental market. Therefore it is essential to consider what apartment features this particular demographic should look for.
Appealing To Millennial Renters
With more than 75 million (an approximate value) people born between 1981 and 1996, millennials are America’s largest demographic by age. Millennials’ homeownership rates have gone up to eight percentage points lower than Gen Xers and baby boomers at the same age. As a result, millennials now spend more on rent as a percentage of their income than any other generation.
Apartment Amenities — Key To Retaining Residents In 2021
In a survey by NMHC, 60% of people said that their living space reflected their identity. The renters of today seek a home they get along well with. So, by offering the residents amenities that reflect their values and preferences, they can help build this connection and decrease the likelihood of possible residents turning over. Remember that amenities shouldn’t be considered a synonym for bells and whistles; instead should offer actual value to the residents.
As a renter, you shouldn’t go towards the flashy amenities. Instead, you need to be practical and focus on amenities that ensure your security, help add convenience in day-to-day activities and make commutes easier. Take for example
Parking — No individual likes street parking. It’s frustrating because it consumes a lot of time when you are unable to find a spot. It also leaves your car exposed to theft and damage. Therefore, the building that provides on-site parking is the most preferred.
Security Measures — Communities that take security seriously are worth slightly higher rent. Always look for features with special key entry-exit, security cameras, on-site security staff, etc. These can all assist in keeping you safe and reduce the risk of theft.
Conclusion: Younger Renters are picky with their homes. They plan on renting only based on the available apartment amenities and the comfort that it provides. Choosing an apartment complex becomes easy if amenities get along well with the requirements.
Author’s Bio — The author is a blogger and writes this article describing how millennials are choosing to go for rented properties’ amenities and what factors are involved.
