Millennials, as well as Gen Z, have different standards when it comes to renting an apartment. Millennials live a life of dedication to long-term health and wellness, and in order to attract and retain this generation, apartment owners and managers must provide living experiences that meet their health-focused principles. According to the National Apartment Association, this means developers and property managers must adjust their rental offerings to cater to new lifestyle expectations by implementing certain improvements to their communities.
As previously mentioned, millennials are incredibly focused on living a fit and healthy lifestyle. Thus, it is important for property managers to provide and meet fitness expectations. Today, the fitness industry is much more focused on interactive experiences in a classroom rather than just simply going to the gym and running on the treadmill. Millennials not only like that they are working out, but they like the social component to a class. For instance, one of the most popular amenities residents ask for when searching for apartments is a yoga studio.
Millennials will spend more money on lifetime fitness goals than on college tuition, according to a new study from My Protein. In order for property managers to capitalize on this trend it is important to offer fitness opportunities that also work as social activities. On this same trend, Millennials are looking for social interaction. This is why they like going to coffee shops or cafes where they can be surrounded by others with an opportunity to connect on similar tastes.
Feeling the need to connect with their peers, Millennials look for apartments with rooftop terraces, open lobbies, and places nearby where they can enjoy the scenery in a social setting. Sponsoring game nights, movie nights, cooking classes, etc. is a great way of attracting and retaining residents. In addition to promoting social communities, millennials want an apartment that promotes environmental efficiency.
The environment is a big topic of concern for Millennials. They are aware of the health concerns and the impact the environment has on Earth and what that means for its future. When it comes to housing, they want apartment communities that are environmentally conscious meaning they are equipped with solar panels, electric car charging stations, on premise ride-sharing programs, smart thermostats, and energy efficient mechanical systems. This also means they expect their rental housing to offer bicycle storage spaces. According to the NAA, Millennials moving into cities are actively choosing low-maintenance, urban-based experiences that exist in walkable, bike-able, or transit-oriented locations.
By forcing property managers and developers to support their lifestyles, millennials are changing the rental housing industry. In order to attract and retain these residents, developers are reworking their rental incentives to include nutrition, fitness, social networking, and environmentally safe practices to their properties.