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Millennials and the Multifamily Market

As this generation continues to grow, the preferences that millennials have on their living space keeps on changing. From the size of apartments to the amenities provided, millennials are shifting the way developers and property owners run things. The layouts and designs of apartments are beginning to alter drastically as a large portion of the housing stock can only help one-to two-person households. Since 2012, more than one half of the country’s new apartments land in the studio and one bedroom category. This is becoming a problem as many millennials begin families and need a living space that accommodates to their families’ needs. But as families get bigger and apartments seem smaller, common areas begin to expand in order to still attract millennial tenants. The type of amenities that seem to have the most importance are things like fitness centers, outdoor recreational facilities, barbecue grill areas, and community WiFi. Having these amenities provided helps millennials get out of the house but without breaking the bank. In 2014, adults under the age of 24 had an average savings rate of -1.8% and debt is at the highest peak seen since 2008. Many millennials are actually more interested in properties that offer opportunities to make income such as the popular Airbnb. Along with common areas, the demand for online communication and online payments is ascending. Tenants are requesting that there is access to resident portals such as, booking maintenance, managing payments, and easy communication with concierge and other residents. Along with these technological advances, e-commerce delivery rooms and lockers are becoming more common. Many building managers are even beginning to put in refrigerators in order to accommodate to those who order food and groceries online. 

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