{"id":25787,"date":"2019-09-05T18:04:17","date_gmt":"2019-09-05T18:04:17","guid":{"rendered":"https:\/\/www.parcelpending.com\/blog\/apartment-features-list-to-attract-young-renters\/"},"modified":"2023-04-04T17:07:35","modified_gmt":"2023-04-04T17:07:35","slug":"apartment-features-list-to-attract-young-renters","status":"publish","type":"post","link":"https:\/\/www.parcelpending.com\/en-ca\/blog\/apartment-features-list-to-attract-young-renters\/","title":{"rendered":"Apartment Features Guaranteed to Attract Younger Renters"},"content":{"rendered":"

One of the primary struggles for any <\/span>apartment<\/span> landlord or property manager involves retaining your <\/span>current <\/span>tenants<\/span> and enticing new ones to rent apartments or empty rooms. Left unoccupied, those spaces represent lost revenue that only accumulates until the spot is filled. But attracting new residents, including <\/span>millennial renters<\/span>, is easier said than done, especially with so much competition in the marketplace. Often, it comes down to the <\/span>apartment<\/span>‘s <\/span>interior design<\/span> and <\/span>amenities<\/span>.<\/span><\/p>\n

These days, millennials are about to overtake Baby Boomers as the largest adult generation. They represent a significant portion of all <\/span>apartment<\/span> renters<\/span>, comprising 40% of the housing market, and 90% of them rent. Experts forecast that growth in the rental market could outpace homeownership over the next decade<\/span>1<\/sup><\/span>. Because of this, as more and more young people <\/span>begin <\/span>apartment hunting<\/span>, it’s essential to consider what <\/span>modern apartment features<\/span> this particular demographic is looking for.\u00a0<\/span><\/p>\n

Curious what those might be? Read on to discover our <\/span>modern apartment features<\/span> list.<\/span><\/p>\n

Apartment Features Guaranteed to Attract Younger Renters<\/strong><\/h2>\n

When it comes to enticing younger <\/span>renters<\/span>, there are two categories of <\/span>luxury apartment features<\/span> you’ll need to consider: individual <\/span>amenities<\/span> and communal <\/span>amenities<\/span>.<\/span><\/p>\n

Individual Apartment Features<\/strong><\/h2>\n

Younger <\/span>renters<\/span> are picky with their homes. They plan on renting for a while but are more than happy to move to a better <\/span>apartment complex<\/span> or more <\/span>modern apartment<\/span> if it results in increased conveniences, especially high-class <\/span>amenities<\/span>. Such <\/span>luxury<\/span> amenities<\/span> include:<\/span><\/p>\n

Modern Appliances<\/strong><\/h3>\n

The vast majority of young people do not have the inclination nor the wherewithal to purchase <\/span>kitchen<\/span> appliances and lug them around town from <\/span>apartment<\/span> to <\/span>apartment<\/span>. They don’t plan on making such long-term purchases until they actually own a place. Between rent, security deposits, and moving costs, the barrier to entry to a new <\/span>apartment<\/span> is already substantial. You only further increase the barrier to <\/span>apartment<\/span> rental by forcing them to purchase additional items. Ironically, they’ll be willing to pay more to rent a <\/span>luxury apartment<\/span> to avoid having to make such purchases.<\/span><\/p>\n

Also, younger people care more about new things and shiny features. They want a <\/span>kitchen<\/span> that has a <\/span>modern design<\/span>. As a result, you should update the appliances in the <\/span>kitchen<\/span> at least every few years, since young people are far more likely to pass on an <\/span>apartment<\/span> that feels dated. There can also be an opportunity to slightly increase rent by adding upgraded <\/span>apartment features<\/span>, such as <\/span>hardwood floors<\/span>, <\/span>granite countertops<\/span>, <\/span>stainless steel appliances<\/span> and even a <\/span>dining table<\/span> in the <\/span>kitchen<\/span>, and <\/span>modern decor<\/span> in the <\/span>bathroom<\/span>.<\/span><\/p>\n

A Variety of Floor Plans<\/strong><\/h3>\n

Younger generations are not typically attracted to the cookie-cutter units for rent in most<\/span> apartment <\/span>buildings<\/span>. If possible, builders could offer a different <\/span>floor plan<\/span> for the apartments on each <\/span>floor<\/span> of a complex, a design strategy that reflects the sense of individuality these young <\/span>renters<\/span> crave. These <\/span>renters<\/span> are also attracted to apartments with <\/span>high ceilings<\/span>, <\/span>wood flooring<\/span>, a bright <\/span>living room<\/span> and <\/span>dining area<\/span>.<\/span><\/p>\n

When it comes to the living area, you should ensure that there’s enough <\/span>floor space<\/span> so they can express their individuality. Millennials, for example, want their living <\/span>areas to<\/span> reflect their sense of style as well as maximize the space. For example, the <\/span>coffee table<\/span> may likely be equipped with storage drawers.<\/span><\/p>\n

Fast Wi-Fi<\/strong><\/h3>\n

Millennials and members of Gen Z grew up in the digital age. They rely heavily upon their electronics for everything from work to play. Because of that, few things are more frustrating than a Wi-Fi network that prevents them from working, streaming shows, playing games, or just browsing the internet. <\/span>If you\u2019re wondering how to reach Gen Z renters, this is it. <\/span>It may seem like a small or innocuous thing, but you’d be amazed by how many younger <\/span>renters<\/span> cite Wi-Fi speeds as one of the <\/span>amenities<\/span> they consider when renting an <\/span>apartment<\/span> or deciding to move to a different <\/span>apartment<\/span>.<\/span><\/p>\n

When selecting the services and speeds for your <\/span>apartment building<\/span>, it’s essential that you select the very best. You want your service to be able to handle midweek traffic as well as peak traffic times, such as Friday and Saturday nights, when a significant majority of your <\/span>apartment<\/span> renters<\/span> will be on the network at the same time.<\/span><\/p>\n

Plenty of Storage<\/strong><\/h3>\n

Millennials and Gen Zers could also be called the Amazon generation. More than 60% of millennials do most if not all of their shopping online and they don’t appear to be slowing down anytime soon<\/span>2<\/sup><\/span>. As a result, they need more <\/span>interior<\/span> space to store all their clothes, equipment, and other items. To provide extra storage space, consider adding the following:<\/span><\/p>\n