{"id":5538,"date":"2013-03-04T05:00:48","date_gmt":"2013-03-04T13:00:48","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=5538"},"modified":"2020-12-24T01:20:13","modified_gmt":"2020-12-24T09:20:13","slug":"millennial-shift","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/millennial-shift\/","title":{"rendered":"Millennial Shift"},"content":{"rendered":"

\"Meet<\/a>Homeownership has long been considered the basis of the American dream. Today, we are witnessing a massive shift in perspective, with young adults breaking away from tradition and rearranging their life goals according to personal preferences. Loosely defined as those aged 18 to 30, the financially-savvy, eco-minded, highly-educated Millennials are expected to change the face of the consumer market.<\/p>\n

Understanding how Millennials think, their ideals, needs and outlook on life is key when preparing to meet their housing needs, says Michael Wood, senior Vice President of youth research firm TRU Insights. As a keynote speaker of the sixth National Apartment Association<\/a> (NAA) Student Housing Conference & Exposition held in Las Vegas Feb. 25-27, Wood shared several research-based revelations about these young people who have been forged in the heat of the Great Recession.<\/p>\n

Whereas their predecessors, commonly referred to as Generation X, freely embraced mortgage-governed lifestyles, Millennials (or Gen Y-ers) are somewhat reluctant to follow in their footsteps. Deeply anchored in the realities of our times and strongly committed to green living, this group is rather conservative in its spending, always on the lookout for bargains, good deals and fair-trade, eco-friendly products. Wood pointed to Marni for H&M as an example of the type of product young people want to buy. The popularity of this fashion designer’s clothes for bargain prices speaks to a desire for high quality at a low price point.<\/p>\n

How does the Millennial mindset play a role in housing?<\/strong><\/p>\n

In a post-recession economy where younger consumers are already comfortable with buying used items and borrowing from friends, renting seems to be a viable alternative to homeownership, satisfying Millennials\u2019 need for flexibility and financial comfort.<\/p>\n

Unlike Generation X, Wood reported, Millennials are all about school spirit, social causes and cutting back, versus gangs, smoking and cutting class. Studies showed 67 percent of 20-somethings and 63 percent of teens would prefer to have a secure life that’s not exciting, over an exciting life that’s not secure. What was once considered a solid investment, like a house or a car, is now seen as risky business, triggering a sort of commitment phobia in younger adults and forcing them to postpone major life decisions like marriage and having children.<\/p>\n

What do Millennials seek in their apartment choices?<\/strong><\/p>\n

To appeal to Gen Y-ers, who are currently the largest segment of the renting population, property owners must provide a perfectly balanced live-work-play environment, with emphasis on the social component of the community.<\/p>\n

Millennials are willing to look beyond traditional housing options and don\u2019t mind sharing space with several other roommates if that means pragmatic living. Downsizing is also an acceptable option for young renters, who prioritize location, technology, and eco-friendly design over spacious single-family homes.<\/p>\n

Furthermore, Wood advised those in the student housing industry that potential renters want granite counter-tops and stainless steel appliances, but at low and valuable prices.<\/p>\n

What are the most important things developers need to consider when it comes to marketing their properties to Millennials?<\/strong><\/p>\n

Young renters are looking for transparency, ease and practicality in their renting process. As the first cohort of digital natives, they expect a seamless experience with the property manager\u2019s website every time they visit it. The solution is to create a website that works well on every device, from desktop browsers to tablets and smartphones. Showcasing user-friendly features, responsive design websites, like those available from Yardi Portal<\/a>, provide an optimal viewing experience on every screen, ensuring a smooth relationship between property managers and prospective renters on a regular basis.<\/p>\n

In addition to tech offerings, Millennials value authenticity a great deal. Property managers need to be prepared to take ownership of what\u2019s being said about their properties online, engage in social media conversations and maintain a professional attitude at all times. Wood says that Facebook is boring to young people, who these days are experiencing \u201cFacebook fatigue.\u201d While Facebook has lost some of its appeal, other smaller sites, such as Twitter, Instagram, tumblr and Pinterest more recently are coming on strong with new and improved features aimed at easing interaction between community members.<\/p>\n

The TRU research was derived from 12 to 29-year-olds across the United States and from a wide range of regions, ethnicities, income brackets and representing genders equally.<\/p>\n","protected":false},"excerpt":{"rendered":"

Homeownership has long been considered the basis of the American dream. Today, we are witnessing a massive shift in perspective, with young adults breaking away from tradition and rearranging their life goals according to personal preferences. Loosely defined as those aged 18 to 30, the financially-savvy, eco-minded, highly-educated Millennials are expected to change the face […]<\/p>\n","protected":false},"author":442,"featured_media":5544,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[408,407,29],"class_list":["post-5538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-demographic-marketing","tag-meillennials","tag-multifamily"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"Homeownership has long been considered the basis of the American dream. 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