Millennials have become the largest generation in the Southeastern United States and a good percent of them are choosing apartment living, instead of the tradition of buying a home. When it comes to understanding what Millennials are looking for in multi-family housing, SWET Construction Group has done their research.
“So what does the medium- and long-term apartment market look like? What should renters, investors and economists know about the market in 2025, 2035 or even 2050? This isn’t an idle exercise: While the forces of supply and demand don’t change, the drivers of supply and demand do. In that sense, as we move farther into the future, apartment-market observers should be keen to demographic and generational changes, technological disruptions and shifting market dynamics.” according to Forbes.
The article went on to say, “In other words, the youngest of the millennials will still be considered “prime renters” until 2035. Some may think they are entitled, bratty and materialistic — but they will be driving the apartment market for at least the next 20 years.”
A recent survey revealed over 85% of Millennials renting apartments would pay a higher rent for the latest technology, a ‘smart’ multifamily dwelling filled with remote controlled devices and automation connected to their smart phone.
Ample security is also important to Millennials. So much so that over 60% of this generation would move to a different apartment because of poor security.
They are also willing to pay a higher rent to live close to conveniences, such as restaurants and shops. They will be looking for resort-inspired pools, dog parks, outdoor kitchens, playgrounds, gardens, greenway connectivity, car wash stations, community rooms, workout facilities, and outside living areas. Studies show when residence interact and connect with each other they are happier and will enjoy an extended stay.
Keeping up with industry trends will be what ensures long-term success, staying above the competition, increase traffic, reduce turnover and maximize revenue. It starts by understanding what the residents in 2017 will be looking for.
The expert management team at SWET Construction Group is proud to provide cost competitive turnkey projects. All of our projects receive continuous supervision, customer satisfaction and attention to detail, from beginning to end.