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Property Management – Northridge – Understanding What Gen Y Wants

NORTHRIDGE PROPERTY MANAGEMENT

Apartment Amenities: Understanding What Gen Y Wants

The multifamily industry spends considerable time and money targeting Gen Y renters through property management, apartment development, and marketing. And when 72% of people under 30 years old live in rental housing, its easy to understand why.

But do multifamily professionals really know what Generation Y wants when it comes to their apartment home? And do the 20-somethings employed within the industry think we actually understand them?

Here’s an idea: let’s ask them.

At the 2013 Crittenden Multifamily conference in Dallas this past March, Property Management Insider contributor, and resident Millennial, Jay Parsons moderatred a panel discussion with Generation Y multifamily professionals to debunk some myths about this particular generation of renters.

When the topic of discussion turned to apartment amenities, Parsons asked the panelist their verdicts on development trends and amenities that are typically targeted at them and whether they are truly essential or overrated.

Green Features are a Given with Gen Y

This one needs some clarification: green features as amenities are overrated, but that’s because Millennials expect your property to have them. Meaning, Green is not a feature, but part of the base package. So rather than trying to sell Millennials on green features, explain HOW your property is green and the cost savings.

But don’t oversell the cost savings because this could be someone’s first apartment and they won’t have a baseline for cost comparisons. Rather than trying to sell renters and what THEY can save, brag about how much YOU saved with green. Market your community and philosophy, not the unit. And for the record, each panelist said they would NOT pay more rent because an apartment is green.

By Michael Cunningham

Since 1946 the Carnahan name has had a reputation for honest and ethical Real Estate Property Management services in the San Fernando Valley, Santa Clarita Valley, Burbank/Glendale, Los Angeles, Westside and Conejo Valley areas.

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