Millennials – Welcome to Generation Rent

By Brook Furniture Rental – https://www.bfr.com

The multifamily industry continually strives to offer consumers what they want in a lifestyle community. Beyond the units themselves, the amenities play an important role in how successful a development performs. To attract the correct target market, multifamily communities need to understand the specific characteristics of each demographic from seniors to baby boomers. One demographic, the millennials, are impacting the growth of multifamily like no other in establishing apartment design, and evolving amenities. Welcome to “Generation Rent”.

Millennials, defined as consumers between 18 and 35 years old are now the largest living generation in the United States. In 2016, there were an estimated 79.8 million millennials compared to 74.1 million baby boomers (ages 52 to 70). This enormous demographic has been the target of numerous studies and discussions to uncover who they are, what they want and where are they going.

Female Millennial

Nicknamed “generation rent” many millennials, are choosing a nomadic lifestyle much different from their predecessors. They are also more educated, carry more debt and make less money than the previous generation of the same age. Dealt by some frustrating blows from the economy combined with job insecurity and debt, the dream of purchasing a home is either shunned at or unattainable. A recent report by the National Association of Realtors found that 83 percent of millennials say student debt is the primary reason for not purchasing a home.

And according to a USA TODAY analysis of Census Bureau data, 25-to 34-year-old renters increased by more than a million from 2006 to 2011.

There is no doubt the immense impact that the millennial generation has had on the multifamily industry. “Generation Rent” has defined a new way of living and has helped spawn the rental economy. The allure of “no ownership” for millennials not only encompasses owning a home but also other investments such as cars, furniture and even smaller appliances.

Roof-top Patio

Most multifamily communities in the millennial marketplace have designed amenities and features around the specific characteristics of the rental generation, offering bike storage, spas, rooftop gardens, pet facilities, smart technology and furnished apartments.

Millennials are on the move, either for job relocation or to satisfy their quest for adventure and seek communities that offer a complete lifestyle with no need to invest in possessions. Well designed furnished apartments offer an attractive alternative and present a strong value proposition for communities in a competitive rental environment all while increasing ROI.

Mid-Century Design

Smart communities are also taking note as to what a well-designed apartment means to millennials. With their own unique sense of minimalistic style and hip aesthetics, the correct layout, furniture and décor can mean the difference between a successful lease-up or not.

Part Two: Designing for Millennials

From seniors to baby boomers, Brook Furniture Rental offers a wide selection of furniture styles and décor suited to any resident demographic. Visit our website or speak to one of our professionals to discuss how we can help with your lease-up strategy. Contact us at 877.285.7368.

 

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