Gen Z, the new generation of renters, are young, innovative, and hard to define. They have grown up using social media as their main communication platform, and we are still waiting to see how they will impact the multifamily market. Millennials, the generation before Gen Z, are also redefining the multifamily housing market. They are the second largest living adult generation in the U.S., and have a distinctive approach to wide range of lifestyle choices when it comes to where they work, live, and enjoy their spare time.
Two of the most significant concepts that the Gen Z and millennial generation are promoting are community and experience. These two concepts can be implemented not only into multifamily buildings that have 50+ units owned and operated by larger corporations, but also smaller properties that are operated by mom & pop owners. Apartments that incorporate experiential, community-based environments will attract tenants on metrics and command top rents. To serve the next generation of renters, the multifamily industry needs to be more innovative, anticipatory, and progressive.
Here’s a sneak peak into what these new generations want in multifamily housing:
- Smart Home Technology
- Health & Fitness Amenities
- Pet-Friendly Services
- Modern & Luxury Service-Based Amenities
- Community Events & Co-Working Space
- Environmentally Friendly Options
Click below to download the full article which provides insight into understanding the characteristics, wants, perspectives, and behaviors of the millennial and Gen Z population as it relates to your apartment property.