Reports reveal that more than half of the rental applicants belong to the millennial generation. In fact, with an annual rent of $32 billion, the generation is also held responsible for the significant growth of the home rental market.
While there are many reasons for the millennials to prefer a rental space, one of the most prominent is that it allows them to live in their dream home without falling into a financial crunch. Thus, it wouldn’t be wrong to say that millennials have been dominating the rental market for quite a long time.
Industry experts have noticed that they have special needs and requirements when it comes to house hunting. This is especially true for the parents. Thus, if you own a housing estate, you need to offer certain amenities to attract the power generation.
Here we have curated a list of some must-have amenities that can add value to your housing complex and make the space desirable for the millennial community. Read on to learn more about them.
Believe it or not, the availability of tech-friendly amenities can make or break the deal for millennials. And why not? The internet and smart devices are practically an important part of the millennial lifestyle. That’s exactly what they look for while choosing a rental space.
Therefore, you need to make sure that you offer your tenants high-speed internet, strong cell signals, virtual doormen, and many other tech amenities. And if you are offering a furnished space, having smart devices such as motion sensor lights and wireless thermostats is an added bonus. So, create a tech-friendly space to charm the millennial generation in the right way.
According to a recent survey, millennials are more likely to invest in eco-friendly and sustainable space. This is primarily because it allows them to do their part for the planet and save some money in the process.
You can grab the attention of the millennials by offering them a sustainable space. Having bamboo flooring and energy-efficient appliances in the apartment can help you with that. Apart from that, having sustainable amenities in the building can also take your eco-friendly initiative a notch higher. Since every parent would want their kids to play and spend time outdoors, you can consider bringing in sustainable commercial playground equipment in the building. This way, you can offer kids a perfect play area, keeping the environment safe. Such amenities are durable and help you build trust amongst your tenants.
Undoubtedly, millennials belong to an active generation. Since they are more digitally inclined, they have a great focus on health and fitness. A survey shows that 8 out of 10 millennials follow a full-body workout to stay in better shape.
That’s why having a fitness center in a building can act as an added factor that attracts potential tenants, boosting the application process. You can also take it a notch higher by installing the latest workout equipment, spa, and pool in the building’s fitness center.
To Sum Up
Apart from the amenities mentioned above, make sure the building also adheres to the privacy-related needs of your tenants. Such amenities are added bonus and allow millennials to invest in your property.