The Necessities: What Each Generation is Looking For

The multifamily housing landscape is ever-evolving, driven by the unique preferences and needs of different generations. As developers and property managers strive to attract and retain tenants, it's crucial to understand what each generation wants in multifamily developments. From Baby Boomers to Generation Z, each demographic group has distinct expectations shaping their choices. In this article, we'll explore the desires of each generation when it comes to multifamily developments.

Baby Boomers (1947-1964)?

Recent studies have revealed that the Baby Boomer generation, which comprises approximately 10% of rental applicants in the United States, exhibits an evolving housing preference as they age. While many Baby Boomers currently own homes, their desire for simplicity and convenience has pushed them toward rental properties.?

This generation places a strong emphasis on high-end amenities and overall quality of life, which is reflected in their preferences for rental properties. These preferences manifest in various ways, including:

• Accessibility Additions: As this generation ages, the demand for accessibility features rises. Incorporating elements such as wider doorways and no-step entries makes it easier for residents to move around the property comfortably.
• Private Outdoor Spaces: With many members of this generation either retired or approaching retirement, maintaining an active lifestyle and fostering a sense of community is paramount. Offering communal spaces for events and quality time with family and friends can significantly enhance the property's appeal.
• Landscaping and Home Maintenance Services: Baby Boomers value convenience and are familiar with well-kept suburban lawns. However, they prefer a hands-off approach to tasks like landscaping and home maintenance. These services can cater to their preferences and make the property even more attractive.

Beyond these amenities, Baby Boomers also seek an active lifestyle during retirement. Given that renters over the age of 65 are often living alone, properties that offer opportunities for community engagement become particularly attractive. To draw this demographic to a rental property, consider providing the following:

• Proximity to neighborhood events and essential resources like grocery stores and restaurants.
• The presence of walking trails on the property or close to accessible walking paths.
• Establishing an on-property transit hub to facilitate easy travel to and from the property, enhancing their mobility and independence.

Generation X (1965-1980)?

Generation X, often characterized as the rebellious generation, accounts for approximately 18% of rental applications in the United States. This generation has established careers, stable incomes, and an impressive level of tech-savviness, as they were the first generation to thoroughly research properties before considering them as potential homes.

To effectively appeal to Generation X, an online presence is essential. Their primary focus revolves around family and quality. Here are some key attributes that will pique the interest of Generation X:

• Location: A safe neighborhood and easy access to various amenities within a short distance are paramount. School districts also hold significance for families with children attending or soon entering school.
• Modern Feel: In contrast to the preferences of Baby Boomers, a modern aesthetic is preferred by many in Generation X. Features like open floor plans and smart appliances serve as significant draws.
• Quality: This generation is not swayed by passing trends. They gravitate towards products and properties that contribute to the environment or society. Even if the price tag is somewhat higher, they are inclined to favor properties built with quality.

Generation X was the first demographic to embrace the apartment lifestyle wholeheartedly. They witnessed their parents and themselves lose housing due to the market crash, which intensified their desire for apartments. To further attract this generation, consider offering the following amenities:

• Family-Oriented Outdoor Spaces: Facilities such as playgrounds, pools, picnic areas, and more create a welcoming environment for families.
• Smart Home Technology: Features like keyless entry systems and Ring cameras enhance security and convenience, aligning with Generation X's tech-savvy preferences.
• Co-Working Areas and Meeting Rooms: Providing spaces for remote work and meetings caters to their want of a work-life balance.

Millennials (1981-1996)?

Research has shown that this generation is generally better educated than generations before. Still, they face financial instability due to economic challenges, which has also led to differences in their ideals. Many Millennials are postponing marriage and are slower to form households.

These factors contribute to Millennials making up approximately 40% of rental applications in the U.S. Unlike Generation X, Millennials are more inclined to embrace cultural and technological trends. Several factors attract them to rental properties:

• Sustainability: Millennials are environmentally conscious and prefer properties that consider eco-friendly practices.
• Cost: With the burden of student loans and the desire to start families, Millennials are willing to relocate for work, but they prioritize cost-effective locations over proximity.

Millennials are drawn to locations with amenities such as restaurants, entertainment, and nightlife. They value their independence but also seek proximity to social activities. Rental properties can consider the following amenities to attract Millennials:

• Smart Lockers: Given that Millennials make up approximately 58% of online shoppers in the United States. Smart lockers facilitate convenient package pickup at any time, integrating technology into the property.
• Cameras: Safety is a top priority for any generation, and having security cameras on the property provides an added sense of security.
• Balconies and Rooftop Decks: Since many Millennials still work from home, accessing home Wi-Fi and enjoying the fresh air on balconies and rooftop decks can significantly enhance their satisfaction and increase tenant retention.

Generation Z (1997-2012)??

Generation Z is the next generation stepping into their adult lives. Many are looking for their first apartments, transitioning from their childhood homes or college accommodations. This generation is deeply rooted in the digital landscape and holds a distinct perspective on housing.?

Generation Z currently makes up about 22% of rental applications in the U.S. This number will continue to grow. Here are some factors to consider when targeting Generation Z as potential tenants:

• Location: Unlike Millennials, Generation Z is more open to suburban living, valuing less populated areas with more space. They still want proximity to nightlife, restaurants, and entertainment, but a short drive is not a deterrent when considering a property.
• Amenities: While every generation appreciates amenities, Generation Z places a particular emphasis on digital and self-care-centered facilities. They have grown accustomed to an upgraded lifestyle and will gravitate toward that.
• Online Presence: Generation Z's lives revolve around the online world, where they have information at their fingertips. A solid online presence is critical to attracting them. Without an online presence, they may remain unaware of the property's existence.

Many members of Generation Z are interested in short-term living arrangements or co-living spaces. Given their penchant for spending much of their daily lives at home, it's vital to provide amenities that enable them to maintain their desired lifestyle while being close to their residence. Here are some amenities that can pique their interest:?

• Online Everything: Offering an online portal for anything regarding the apartment and the property can enhance efficiency and align with Generation Z's tech-savvy preferences.
• Fitness Center: Recent studies show that Millennials and Generation Z represent a significant portion of apartment fitness center users. A versatile gym equipped with weights, machines, and spaces for classes can support their desire for a balanced and healthy lifestyle while staying at home.
• Smart Home Appliances: Generation Z thrives on the convenience of technology. Integrating smart appliances like thermostats, Ring cameras, and mobile-controlled locks can significantly boost their interest in the property.

Understanding the different preferences and needs of each generation is crucial to creating multifamily developments that attract and retain tenants. From Baby Boomers to Generation Z, each demographic group has distinct expectations that shape their choices. Providing amenities and features that cater to each generation's preferences can significantly enhance the property's appeal. Therefore, it's essential to pay attention to these preferences and create a welcoming community that caters to all.

BuildPro Construction Services is a full-service general contractor providing various commercial, multifamily, and retail construction services. We pride ourselves on delivering high-quality services and creating long-lasting client relationships. Whether your projects need to be conceptualized or managed, BuildPro is the solution.?

Ready to get started on your next development? Contact us via phone (800-399-3745) or email at [email protected]. You can also learn more about us on our website, buildprocs.com.?