Property owners and management know how important it is to keep residents pleased with their living environments. While maintaining top-notch amenities and service for current residents, communities are beginning to see a shift in the wants and needs of future generations. The big question: how should management teams prepare for Generation Z without ignoring the priorities of current residents?
First we need to acknowledge that a real estate generation gap does exist! With the start of retirement amongst the baby boomer generation, many are starting to downsize — selling their homes and looking into the rental market. Taking the “55 and older” group into consideration for future property developments will be huge. The main draw for this demographic includes “home-like environments, social environments… in-unit amenities as well as ADA access to elevators.” Additional parking is also a plus!
In relation to residents ages 18 to 36, developers must also consider their tech-savvy demands. Reliable internet connection is a high priority for these residents who actually prefer to manage their finances and requests through an online portal. These residents are also looking to rent in locations of convenience to minimize their daily commute to work, supermarkets, banks, and more. The underlying similarity between these two groups? They both are looking to submerge themselves in a friendly community which will ultimately enhance their lifestyle both on a creative and professional level.
This trend is consistent, especially when it comes to the preferences of the up and coming Generation Z. These individuals are still young, but they are highly motivated and very reliant on technology. Having a strong digital presence will really leverage properties with this group, so getting a head start now is key! As said above, online services will be expected as well as rapid response from management.
Start thinking ahead now! Consider these trends as helpful tips that will only further develop your presence as a thriving community in the multifamily industry and amongst all generations.Back to all posts