The popularity of off-campus student housing developments has risen dramatically in recent years. As the students living in these types of apartments graduate and transition into the workforce, they will undoubtedly seek rentals with similar amenities. Find out more about this large influx of renters and learn about the “extras” that will help to attract them to your property.
Multi-Housing News describes the new influx of renters as “70 to 80 million gen-x, gen-y and echo boom kids that are coming into the workforce in the next two to 10 years.” The decline in home ownership is greatest among the under 30 demographic according to Freddie Mac Economic and Housing Research, meaning that the majority of this new renter population will be looking to rent.
Flexibility is one of the major factors attracting new generations to multifamily properties, since many young adults don’t want to be tied down to a specific location through home ownership at this point in their lives. This means that these renters will likely place priority on properties offering short terms leases of a year or less. Convenience is another key factor, making properties that are located within walking distance to public transportation and amenities very attractive to this generation of renters. WiFi lounges, business centers, covered parking, and workout facilities are a few perks that renters may have become accustomed to in student housing complexes and would also view as valuable “extras” for a first apartment.
Sustainability is another factor that younger generations consider when renting. While green living has become trendy in recent years, the monetary benefits that come from living in an energy efficient building are certainly not lost on this age group. Allowing residents control over their utilities through submetering, installing Energy Star efficient appliances, and creating green rooftop patios and gardens are all ways to appeal to the new generation of renters, setting your property apart from the rest.