Most Millennials aren’t in the market for a new home, instead they are happing living in apartments. What will this generation of consumers be looking for in multi-family housing?
Schlage polled 1,000 U.S renters and found Millennials want high tech and smarter apartments, as well as the latest control features.
According to Consumer Affairs, “These findings are significant, considering nearly half of renters in multi-family dwellings are expected to rent an apartment for the next five or more years, Schlage noted.”
Among the study’s additional findings:
• 55% of Millennials are likely to pay more for an apartment that has high-tech door locks compared to ones that did not.
• 20% of Millennials would pay more per month for a smart apartment. On average, they would be willing to pay about a fifth more for smart home features.
• 44% of Millennials would give up a parking space to live in a “high tech” apartment.
Whether it’s new construction or renovations of an existing property, it is important to ensure your multi-family housing fits the needs of the tenants. Besides updated technology and living close to great dining and shopping, Millennials will also be looking other amenities.
More efficient space is important. Instead of lots of square footage, a well designed space with plenty of shelving and storage built into walls, as well as, energy efficient appliances.
Common areas, from public hangouts, workspaces, open lobbies, rooftop decks, and community rooms.
Millennials are on the go, they want to stay in shape and look great. They want top of the line fitness equipment, yoga, Pilates, and fun full body workouts.
Millennials love their pets. Play area, dog parks, and pet friendly areas are welcomed.
SWET Construction Group is on top of the latest trends for the highest return on your investment. The expert management team at SWET Construction Group is proud to provide cost competitive construction. All of our projects receive continuous supervision, customer satisfaction and attention to detail, from beginning to end.