More and more millennials continue to rent, and ABODO Apartments knows exactly what Millennial renters really want in an apartment. Alec Slocum, ABODO’s CEO, notes that they surveyed college student from across the country on rental preferences for more than 1,000,000 rentals within 5 miles of almost 500 colleges. Think you know what’s important to young renters? Here are some of the key findings.
The study indicated that 96% of Millennials rated finding a property that fits their budget as most important; 75% rated the safety of the building and neighborhood as the most important; and Millennials’ top three amenities included available parking (78%), in-unit laundry (67%) and controlled building access (60%).
“The survey showed that 83% of Millennials even sleep with their smart phones. High-tech amenities are incredibly important as well, including WiFi access, specifically, premium bandwidth,” Slocum said. “Some students even stated they’d be willing to pay more to get premium bandwidth at their apartment complexes.”
Unsurprisingly, Millennial renters also were shown to want state-of-the-art fitness centers, high-tech study rooms and easy video streaming capabilities.
“As the number of technological advances increase, Millennials are sure to want the latest and greatest innovative technologies, as compared to simpler amenities in the past,” Slocum said.
The study shows that Millennials are shaping today’s current rental market because they’re one of the largest groups driving the economy and so many of them are renting, even though they would eventually like to purchase a home. But as financing a home gets more and more difficult, alternative methods are being sought out by Millennials and minority renters who want to buy a home. Whether they try buying a house using a contract for deed or other creative financing methods, it always seems that Millennials come back to their role as renters.
“Millennials’ earning and spending power has a distinct impact on the rental market, since many are having difficulties buying homes.
Millennials have continued to prefer renting as opposed to buying, for many reasons, so this will continue to drive rental prices up because of the size of this generation,” Slocum said. “Also, Millennials are shaping how agents and brokers communicate with clients. They want information fast and they want it via text or email, or even social media. They also want to view peer reviews of properties and use mobile platforms to view images and video, so communication methods are shifting in the rental market.”
Student housing developers and operators are clearly upping the stakes when it comes to property amenities and services that appeal to today’s students, and they are getting the word out on multiple social media channels.
“Millennials want to be made aware of apartment openings, deals and more via social media. They want to communicate on smart phones and information needs to be purveyed quickly,” Slocum said. “Companies should implement social media strategies and plan to share information on their social channels frequently. Companies should also work to create online photo libraries and blog posts to spread the word about their properties, all the while ensuring that their posts and images are optimized for Google searches.”
Written by: Matt Lawler
Matt Lawler is a lifestyle blogger, Internet marketing specialist and a graduate of Arizona State University. When he isn’t writing, Matt likes to enjoy the outdoors. He can often be found hiking, cycling or finding new ways to explore his home state of Arizona.