With every generation comes a new set of ideas, values, goals, and understanding. There are approximately 75 million people in each generation, and currently, millennials are running the world and taking it by storm. It is estimated that they make up something like 35% of the current workforce, and this means that while all of those young entrepreneurs, students, business graduates, and go-getters are making something of themselves in this world, they need somewhere to live. And unlike previous generations, where buying a home was a status symbol and a right of passage, the current generations have begun to see buying a home as a weight around their neck, a nuisance, something that their parents and grandparents did and it has become something that they have little to no desire to add to their long list of responsibilities.
This is good news for those of us in the multifamily real estate. Because while these fashionable, young, active adults aren’t buying houses, they are actively perusing the rental market. They are constantly looking for a new, better place to live. And with a few minor considerations, you can up the possibility of being able to house more of the individuals who intend to rent indefinitely.
Get Social
Regardless of who ends up renting your units, one of the biggest draws these days is the social aspect of apartment living. More and more people are craving community and are more willing than ever to shell out the big bucks for the sake of being somewhere conveniently social. This is why downtown apartments and properties are soaring. People are looking to expand their circles with convenience. So look for properties that are in the hip or up and coming parts of town. While you may think that living next to a bar sounds like a nightmare, for many it means instant connection to their community.
Offer What They Need
Again, convenience is key. Almost anyone from any generation is looking for an easy out. And studies show that Generation x, the Millennials, are much more likely to sign a lease on a property that offers services and perks like an onsite gym, complimentary dog walking, a pool, package service, valet trash, and other things that could make their life easier. Even if they never use those services, they are more likely to live in a place that offers amenities that they might use. They are also likely to pay more for a unit that has a view, an upgraded kitchen, or an extra bathroom.
Are you interested in investing to add value properties that happen to be situated in popular housing markets? Let us help! Magnolia Design Properties is a real estate investment company that is honed in on add value multifamily properties in the B+/ B- class and we would love to have you join us in investing! Let us do the heavy lifting of property acquisition, and head over to our contact page and fill out the form so that we can contact you with information about investment opportunities that you can join us in!
