Millennials and Gen Zs are basically tripping over each other trying to rent. Together, they make up 65% of all renters in America. Meanwhile, residents age 55 and older took the biggest jump in renter population growth between 2007 and 2017 out of any age group.
What do these two cohorts have in common?
They want convenience. Rather than leaving their living spaces, these generations prefer to have their needs met by their surroundings. The more creative and generous, the better — residents are looking to get their money’s worth. Ladies and gentlemen, it’s time to amp up the amenities. Get with the times and check out these new convenience crazes.
- Savvy Entry Access: Sorry to remind you for the 5,000th time, but smart technology is one of the hottest trends in multifamily living. This isn’t up for debate. Of the various smart technologies available, smart access gets all sorts of extra attention from residents. Why? Everyone wants to feel safe. A recent study showed that preexisting devices offering peace of mind appeal most to potential renters. Thankfully, smart technology has opened the door to access systems, such as ButterflyMX and SmartKnox, capable of engaging with telephone and video entry, QR codes, and Bluetooth smartphone credentials. Do you know what else is fun? By cutting out worry over physical keys, providing easy record-keeping, streamlining the turnover process, offering customization, and more, smart access features also make your life a heck of a lot easier.
- Work Hard….: If the traditional work environment were embodied by The Wizard of Oz, we’re straight up not in Kansas anymore. Thanks to technology, working that nine-to-five isn’t all that typical; 70% of professions work remotely at least once a week. Coworking space, or areas designated for work and collaboration, cater to these working individuals by fostering both community and productivity. The best coworking spaces include a few staples: community tables, comfy seating, dependable wifi, a shared printer, and electrical outlets as far as the eye can see. For those who need privacy to really crank things out, some go a step further and incorporate individual breakaway pods that offer even more versatility. Everybody loves a place in which they can create community and get crap done at the same time.
- … Play Hard: Quality rest and relaxation options are simply a right of passage for high-end apartments in today’s industry. At the base level, plain and simple outdoor space and cozy game rooms still hold a place in many residents’ hearts. Montreux Apartments, for example, contributes to their advertised “inviting community” with these features. Incorporating downtime features beyond these measures, however, is all fun and games until someone else has bigger and better toys. Russo Development and Pak at Estancia are catching on. Both parties chose to integrate technology from the frontier of gaming and entertainment: (drum roll, please) multi-sport simulators. Multi-sport simulators, with the help of interactive technology, create a responsive play-action environment while minimizing the need to drag yourself outside. Golf, soccer, shooting, hockey, you name it. Providers like HD Multi-Sport, Full Swing, and TruGolf have it.
- Fido Friendly: Dogs are a man’s best friend. You want to attract residents. Put two and two together and congrats, your job now includes being a dog person. Rather than making things slow and painful, get going while the going’s good. In 2015, Bisnow comprised a top four list of doggie-accommodating apartments. Surprise, pet spas were a big hit. Properties full of pampered poodles and blow-dried beagles pull at the heartstrings of potential pet owner residents. Meanwhile, renters are huge fans of dog parks and indoor relief areas that allow their stir-crazy pet to run wild and take bathroom breaks that don’t require groggily shuffling outside at 6:00am.
- Personalized Fitness: Like just about every other aspect of life, technology has thrown old fitness expectations out a window. Because 76% of 18-29 year olds work out (remember our discussion on millennials and GenZs?), multifamily amenities are pivoting to meet new fitness standards. While spending 10% of all fitness dollars on on-demand subscriptions, residents are loving fitness in a personalized and accommodating format. Leading the technology-based fitness industry, Wellbeats is delivering personalized virtual exercise programs to everybody and their brother. Usable in gym, home, and on-the-go settings, services such as Wellbeats are luring residents in with manageable and modern fitness.
- Giving Back: Quick question: would you ever turn down a present given to you for simply doing what you’re supposed to do? Didn’t think so. Residents are realizing the rewards of living in a complex that offers loyalty programs. Gables Residential, back in 2017, launched its rewards program, CAPTIVATE. The concept is simple: residents receive rewards for completing tasks that benefit both themselves and their living communities. It’s a win-win. As renters pay rent online, refer, complete surveys, and more, they accumulate redeemable points. Really, you could get a huge benefit from this whole set up. Not only do loyalty programs encourage “good behavior” on behalf of residents, but they also, according to Gigi Giannoni, VP of Marketing and Public Relations at Gables Residential, create an opportunity to “interact and stay engaged with… residents, hopefully establishing long-term loyalty”.
Just like that, you have become well-versed in the art of stealing renter attention. In knowing the every want and desire of a resident’s heart, capitalize on convenience. Meet renter’s needs internally, upgrade your wow-factors, and keep up with the times.
Honestly, that conclusion kinda sucked. My bad.