May is a transitional month for the gen-y age group, as college graduations occur across the country and many newly employed grads begin their apartment hunt. In fact, multifamily experts believe that the millions of gen-y renters entering the workforce in coming years are a leading factor contributing to the strong multifamily market. Does your organization know how to appeal to this new generation of renters?
The newest generation of renters access various social media sites on a daily basis, so it makes sense that social media also plays a large role in their apartment search. ApartmentRatings.com, Facebook, and Twitter are all popular sites where apartment communities can attract gen-y renters by promoting rent deals, uploading photos of floor plans, and discussing amenities. It’s important that property staff update these social media websites frequently and communicate directly on the sites with potential residents that have any questions about their rental options. Strong customer service through social media helps show potential residents that they can except to receive the same attention once signing a lease. Apartment communities that have been resisting the shift into social media should consider that the recent explosion of gen-y renters in the multifamily market is not a passing trend. In fact, this new generation of renters is only expected to expand in the next 15 years.
It’s also important to recognize that while recent grads may seek out properties similar to their student housing complexes, their housing priorities will likely shift after graduating. Since many new grads will no longer have parental support or student loans to cover rent payments, money becomes the leading factor behind the rental decisions of most recent graduates. Multi-Housing News explains that gen-y renters aren’t necessarily looking to rent large apartments, but instead are focusing on the actual apartment layout and choosing properties that offer the most amenities available on their budget. MHN also explains that much of the gen-y population actually finds communities in the city suburbs to be more appealing than city center locations because of their lower rent price tag, as long as there are destinations within walking distance or reliable transit options into the city.
Green renovations are another way to appeal to the frugal mindset of recent graduates. Energy efficient updated appliances and energy saving practices such as utility submetering allow residents to save substantial amounts on their utility bills, since they are solely responsible for their own energy usage. Rooftop gardens and landscaped outdoor space are additional ways to attract young residents that may be interested in growing their own fruits, vegetables, or flower garden.
Interested in learning more about energy efficient services that can benefit your property and attract new residents? Feel free to contact us today for more information.