The demographic groups known as boomers and millennials are the largest populations renting apartments so it is vital to know what they value. Knowing what resonates with both demographics will help you craft a powerful leasing and marketing message.
Here’s how to go beyond their differences and focus on what qualities they share.
A beautiful lobby
Having an attractive, inviting lobby is always key. Keep your lobby and common areas clean and uncluttered. Millennials and boomers want a lobby that feels open and arranged like a lounge.
Use high-end touches for this high trafficked area. You want residents to feel like they can linger and socialize in this space. The initial look and feeling of a building is important to both groups. Make it count.
Common spaces to work and socialize
Beyond the lobby, residents want comfortable common spaces like internet lounges and rooftop terraces. If you are successfully renting to boomers and millennials you’ll quickly realize they all want to be engaged in their community.
Open and flexible common spaces create value with their recreational opportunities. Create a landing spot around an activity like a golf simulator, a chess board or ping pong table.
Foster a sense of community by planning monthly social events for residents. Form a craft beer club or a book club within your building. Send out a newsletter to highlight activities.
The experience of life
Eventbrite found that millennials and boomers are more likely to spend money on events, social gatherings and concerts rather than physical items. A growing number of Americans overall care more about the experiences of life and don’t want to miss out on life’s opportunities.
As a landlord, you can help your residents hunt for experiences by sharing local concerts, classes and festivals with them. Make sure you are tapped into all of the local events held at your neighborhood libraries, parks, and universities.
Create a calendar of local events on your web portal. You may attract tenants just because they appreciate the close distance to activities.
Location is key when renting to boomers and millennials
Location has always been vital. Make sure to emphasis your close proximity to conveniences and entertainment. Highlight entertainment venues such as bars, restaurants and coffee shops.
Nearby transportation opportunities are also important. Bus routes, major highways, and train stations will appeal to boomers and millennials who value easy access to all of the places they work and play.
Walkability to everyday conveniences is highly valued. Both groups want the ability to walk to a local market or cafe.
Boomers pioneered the rise in technology. Millennials grew up with technology so it is second nature to them. Offering solid WiFi connectivity and cell phone service throughout your building is understood as a given by both. All community living spaces are expected to be wired and up-to-date.
Make sure you have enough bandwidth for streaming videos, tablets and smartphones.
Smart-home automation is a step up and would be a marketing asset. Residents can control the temperature, lighting and security of their apartment from their smart phone. This sense of control will create a better apartment living experience for all of your tenants.
Sustainability and energy efficiency
Smart home technologies are energy efficient. That is important because becoming environmentally friendly is mandatory for millennials and important to boomers. At a minimum your building should have a recycling program in synch with your local requirements.
Retrofitting your building has a wide range of applications and can be as painless as installing LED lighting in common areas. You could go all out with solar panels on the roof. Either way, increased sustainability means increased visibility for your building through your marketing message to prospective renters.
Don’t forget, boomers and millennials read online reviews
Don’t forget to maintain and monitor your online reputation when renting to boomers and millennials. The internet is one of the first places both groups seek out when determining where to live. Online reviews work to market your building while you sleep. These days online property reviews mean lost or gained business.
If you are renting to boomers and millennials, emphasize your community amenities throughout your social media sites. Be sure your marketing message incorporates any or all of the features above. You’ll have a stronger and more diverse community for doing so!
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