In the 2020 National Multifamily Housing Council & Kingsley Apartment Resident Preferences survey, 373,000 residents living in 5,336 communities across the U.S. shared their feedback on what renters want. Millennial renters, particularly college-aged adults, expressed their most desirable features in rental housing. Hot topics for the year included parking, sustainability, health, and security. Amenities in these categories interested more than 50% of respondents. Young renters’ top 10 interests Adult renters ages 25 and under were asked which apartment features and community amenities interested them the most. The following 10 features topped their lists: 91% reliable cell reception 88% swimming pool 87% fitness center 85% controlled amenity access 84% secure, self-service, 24/7 package access 82% more storage space in apartment 83% recycling 79% visitor parking 75% common area grills 75% hot tub “The top three categories here– connectivity, swimming pool and fitness center– speak directly to what is top-of-mind for the typical student renter,” says Esther Bonardi, vice president, marketing at Yardi. “Available Wi-Fi to keep up with assignments and stay on top of their studies, a swimming pool that serves as a social oasis to unwind and relax with their friends, and a fitness center to maintain wellness in the midst of their chaotic schedules.” Bonardi adds, “One difference for students is that connectivity is a major factor in Wi-Fi reliability and speeds rather than cell phone reception. Reliable cell phone reception is a standard or necessity rather than an interest.” Reoccurring themes for college-aged renters It’s no surprise that connectivity is a prominent interest of Millennial renters. More than 91% of respondents listed reliable cell reception as a major interest. Nearly 70% were also interested in having Wi-Fi connectivity in common areas. Parking concerns appeared multiple times on the list of young renters’...
Member Personas
For the coworking space
One of the most critical aspects to properly marketing your coworking space is building member personas. You could be doing tons of hard work and spending time and dollars on marketing, but if you’re not aiming at the right target, it could be all for nothing. Let’s take a look at how and why to build member personas. What are member personas? Imagine creating your ideal member, in detail. Consider what characteristics, habits, demographics, and many other factors formulate the member you would most associate with your space. For example, you could say ‘Tom’ is an entrepreneur, based in Miami, age 34, losing creative spark due to isolation, and needs to work a flexible schedule due to other demands. Tom is your target customer. This guide is a good way to check off the questions you need answered, so that you’re not just marketing to “everyone.” But why can’t you just target a wide scope and range of potential members? You’re bound to hit on some of them, yes, but for the most part this isn’t a prudent strategy. You’re going to be wasting your efforts targeting lots of personas that simply don’t match with what your space is all about. If your scope is too wide, your space will be too formal for some, too informal for others. It may be too large or too small. It may be out of driving distance. It may be out of budget. An important note from coworking marketing expert Cat Johnson is that your potential member can get a desk and Wi-Fi in many places. Make sure you are targeting someone who needs more than that, be it intangible features like community and collaboration, or tangible benefits like conference rooms and after hours access. Learn how to create...
Millennial Shift
NAA Student Housing Expo
Homeownership has long been considered the basis of the American dream. Today, we are witnessing a massive shift in perspective, with young adults breaking away from tradition and rearranging their life goals according to personal preferences. Loosely defined as those aged 18 to 30, the financially-savvy, eco-minded, highly-educated Millennials are expected to change the face of the consumer market. Understanding how Millennials think, their ideals, needs and outlook on life is key when preparing to meet their housing needs, says Michael Wood, senior Vice President of youth research firm TRU Insights. As a keynote speaker of the sixth National Apartment Association (NAA) Student Housing Conference & Exposition held in Las Vegas Feb. 25-27, Wood shared several research-based revelations about these young people who have been forged in the heat of the Great Recession. Whereas their predecessors, commonly referred to as Generation X, freely embraced mortgage-governed lifestyles, Millennials (or Gen Y-ers) are somewhat reluctant to follow in their footsteps. Deeply anchored in the realities of our times and strongly committed to green living, this group is rather conservative in its spending, always on the lookout for bargains, good deals and fair-trade, eco-friendly products. Wood pointed to Marni for H&M as an example of the type of product young people want to buy. The popularity of this fashion designer’s clothes for bargain prices speaks to a desire for high quality at a low price point. How does the Millennial mindset play a role in housing? In a post-recession economy where younger consumers are already comfortable with buying used items and borrowing from friends, renting seems to be a viable alternative to homeownership, satisfying Millennials’ need for flexibility and financial comfort. Unlike Generation X, Wood reported, Millennials are all about school spirit, social causes and cutting back, versus gangs, smoking and cutting class. Studies showed 67 percent of 20-somethings and 63 percent of teens would prefer to have a secure life that’s not exciting, over an exciting life that’s not secure. What was once considered a solid investment, like a house or a car, is now seen as risky business, triggering a sort of commitment phobia in younger adults and forcing them to postpone major life decisions like marriage and having children. What do Millennials seek in their apartment choices? To appeal to Gen Y-ers, who are currently the largest segment of the renting population, property owners must provide a perfectly balanced live-work-play environment, with emphasis on the social component of the community. Millennials are willing to look beyond traditional housing options and don’t mind sharing space with several other roommates if that means pragmatic living. Downsizing is also an acceptable option for young renters, who prioritize location, technology, and eco-friendly design over spacious single-family homes. Furthermore, Wood advised those in the student housing industry that potential renters want granite counter-tops and stainless steel appliances, but at low and valuable prices. What are the most important things developers need to consider when it comes to marketing their properties to Millennials? Young renters are looking for transparency, ease and practicality in their renting process. As the first cohort of digital natives, they expect a seamless experience with the property manager’s website every time they visit it. The solution is to create a website that works well on every device, from desktop browsers to tablets and smartphones. Showcasing user-friendly features, responsive design websites, like those available from Yardi Portal, provide an optimal viewing experience on every screen, ensuring a smooth relationship between property managers and prospective renters on a regular basis. In addition to tech offerings, Millennials value authenticity a great deal. Property managers need to be prepared to take ownership of what’s being said about their properties online, engage in social media conversations and maintain a professional attitude at all times. Wood says that Facebook is boring to young people, who these days are experiencing “Facebook fatigue.” While Facebook has lost some of...
