Property Management – Studio City

Property managers and apartment firms understand the necessity of pleasing prospective residents and developing a good reputation. To further this mission, most have learned to tailor their offerings to the needs of specific demographics, such as seniors, students, and Millennials, also known as Gen Yers.

When it comes to attracting renters, the Gen Y demographic—generally considered those born between 1978 and 1995—is an increasingly hot market. From college students seeking off-campus housing to young professionals unwilling (or unable) to commit to a permanent residence, the Gen Y crowd is an estimated 80 million strong. Recent reports also show that this group may be less interested in homeownership than its counterparts in other generations

Now, many operators are turning their attention to Millennials’ unique needs and preferences—and learning to implement features that appeal to young adult renters. This means courting Gen Y residents with sustainable communities, technology-friendly features, and state-of-the-art amenities. It also means fixing or preventing the four mistakes below, lest your properties drive residents to more-accommodating communities elsewhere.

A Lacking or Unappealing Mobile Presence
More than any other demographic, Gen Y renters use their smart phones for research, including hunting for available rentals. Whereas an older renter might prepare a plan ahead of time for his house-hunting quest, a younger renter is likely to use her smart phone to find properties on the go. This means properties must have a mobile-optimized site that’s appealing and encompasses all the information a prospect needs—in a snap and at a glance. This extends to building a strong Web presence that includes review services like Yelp and social-location services like Foursquare. Failure to do so will cause your property to quickly become invisible and obsolete to the same renters you want to attract.

Old-School Communication Styles
It’s not just a cliché: One of the biggest generational differences between the Gen Y community and others is its preference for e-mail and text messaging over phone calls. Smart property managers will cater to this preference by making texting and e-mail options available for all communication needs. This includes basic rental-process steps, such as accepting scans or photographs of drivers’ licenses and Social Security cards rather than requiring applicants to deliver them to a leasing office.