These days, millennials are more likely to rent a place to live than buy one. In fact, U.S. News and World Reports notes that the number of young adults buying homes actually decreased by 8% since 2006. While young adults have become increasingly less likely to purchase homes, they have also begun to replace Baby Boomers as the largest generation of adults – and the largest group of renters. Yet, young adults can be picky when it comes to their living spaces, and many refuse to settle for a space that lacks certain amenities.
The following are some of the amenities that make most young renter wish lists. Adding these elements to your rental property makes it easier to attract renters within this age group – many of whom prefer to remain in a rental space long-term, rather than move on a regular basis. So, what are some of the amenities and features that help attract today’s younger tenants?
Podcast studios
Many apartment or multifamily property owners are using podcast studios to help attract younger renters. Having a separate or soundproof space community members can use to create podcasts can help your property strike a chord with this tech-savvy demographic.
Studio space
Giving your tenants space to craft or create can also help you attract young tenants. These “makerspaces” and all-in-one craft rooms allow renters to take advantage of shared tools and supplies and are becoming increasingly common in multifamily housing environments.
Co-working space
Many younger renters now work from home, and having a designated coworking space onsite is a great way to attract these young professionals. Co-working spaces offer the communal feel many independent contractors and work-from-home professionals desire, and giving renters access to technology, printers and similar professional resources can serve as a major selling point for your property.
Game room
A game room is another unique offering that helps attract younger tenants to an apartment community or multifamily property. Onsite communal spaces can be a major draw for this demographic, and they may prove especially attractive for renters who are new to an area and looking to make community connections.
Pet wash station
Self-serve dog-washing stations are taking shape at multifamily properties across the nation. Giving your tenants a place to wash their pets saves them money on professional grooming – and makes your space that much more attractive and inviting.
Bike repair station
Bike repair stations are also a hot commodity for young renters, and particularly in urban areas that see considerable vehicle traffic.
Package/storage locker rooms
Theft is often a concern for today’s renters, but having package and storage rooms onsite should help put their minds at ease. Package rooms help prevent package theft and porch piracy, while storage rooms cater to residents who might have oversize storage needs, but don’t want to sacrifice living space.
Controlled access
Safety is paramount for renters across all age groups, and young adults are no exception. They want to feel confident that the place they live in is safe and secure, and adding controlled access or E-locks is an easy way to enhance that sense of security.
Today’s renters have options, so it’s important that your property appeal to a growing and younger population. By offering these amenities at your own multifamily property, you should be able to attract a younger clientele, retain more existing residents, and ultimately, set your own rental property apart from the pack.
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