The statistics alone are staggering. According to a 2013 National Multifamily Housing Council survey, more than 35 percent of U.S. households are renters. Additionally, the millennial market makes up 50 percent of the rental population. Rental community owners and builders have a large to-do list to attract and retain today’s renters. This was the main headline at the National Apartment Association’s 2015 conference earlier this summer, and industry leaders are still talking about it today. Here’s our guide on how to attract millennial renters and generation-z renters.
In order to survive today’s rental market, you have to market to millennials and generation-Z. If you’re wondering how, adapt this mindset: people don’t rent for the home; they rent for the amenities.
Did you catch that? The amenities and technology features attract the younger generation.
Property owners and builders need to establish great partnerships with companies offering the latest technology and home features to get this market to the facility. Evaluate and upgrade your current partnerships with home security agencies, cable/satellite companies, commercial fitness equipment distributors, and building material manufacturers to make sure you’re offering the best amenities possible for renter retention.
Simply put, it’s about exclusivity. Offer great aesthetics and features not found elsewhere. Millennials and Generation-Z renters are more likely to rent at your facility based on following amenities:
- Free security and climate monitoring through mobile devices
- Cutting edge fitness centers to mimic leading local gyms
- Standard flat-screen TVs pre-installed into units
Younger markets flock to technology and upgraded features because they value their look and convenience. Outdoor entertaining is another popular need for these generations. To meet this need, provide private grilling and pool areas set up for adult pool parties. Don’t forget the power of discounts. Offer reduced rates for renter referrals and for lease renewals. This shows that you value your tenants as individuals instead of just a rent check. Think of it as a loyalty perk.
Today’s millennials are also heavily focused on fitness and overall health, but price deters 72 percent of them from keeping a gym membership (Small Biz Daily). This is where your facility can benefit. Create the most-cutting edge fitness center at your multi-housing facility to attract these users. The key is to mimic the leading fitness trends to get them in the doors, and you can strive to retain these renters by maintaining and updating commercial fitness equipment regularly.
Advanced Exercise Equipment is a leading commercial fitness equipment distributor that can help you maintain these facilities and provide the best fitness options available for your space. We provide commercial fitness equipment selection and installation assistance for multi-housing facilities in 14 states. We also offer equipment servicing, warranty packages and more! Use our representative locator to schedule a free fitness center evaluation or appointment and let us help you maximize your return on investment.