Today, millennials - also known as Generation Y - are dominating the rental market in the United States. While they are content with smaller spaces, they look to offset square footage with features that add comfort and convenience — and they do shop around.
From tech trends to earth-friendly options, architects and developers are stepping up to the challenge and offering leading-edge amenities that millennials find hard to resist.
If you want your high-end property to stay competitive, and stand out among the many options millennial renters can choose from, it is important to make yourself desirable in their eyes, and provide accommodations that are attractive to them.
Hey! This is the final post of this great blog series on the value rooftop amenities bring to architectural and development projects.
Follow the shortcuts to catch the series from the beginning!
What drives Generation Y tenants?
As with each generation, millennials have particular characteristics that affect their lifestyle preferences. Their requisites are quite different from those of past generations. Design features, such as flexible open spaces and technological efficiency, are must-haves.
Millennials aren’t just interested in an ordinary place to live. They look for residential developments that provide them with an exciting, active, and vibrant lifestyle. They want community-building amenities that foster relationships between people from all walks of life.
The millennial renter expects more from their apartment-living experience. Since many of them will have smaller units, they prefer to spend more time outside their apartment than inside, and expect to have gathering spaces available that offer an exclusive feel.
So, as an architect or developer, what can you do to attract this generation of young tenants to your high-end multifamily development?
Rooftop amenities make all the difference
Gone are the days when a simple rooftop pool and fitness center would suffice as acceptable outdoor space. Though these amenities have become the standard, they don’t necessarily stand out to a generation of millennials who value creativity and expect innovation.
Today’s millennials demand upscale, resort-style outdoor living areas – all accessible without stepping foot outside the complex.
Rooftop amenities such as Zen gardens, infinity pools overlooking a city skyline, dog parks, landscaped terraces complete with state-of-the-art grilling stations, and covered cabanas with outdoor television and Wi-Fi, are just the tip of the iceberg in this rising trend in the multifamily industry.
Offering amenities like these will appeal to the millennial crowd who are willing to pay significantly more for a smaller unit in order to take advantage of these luxurious outdoor and social features that make for a living experience incomparable to past generations.
Rooftop amenities sell a lifestyle.
They can turn your building into the place to be for this demanding generation.
If you are looking to attract millennials to your high-end property, the expertise of a firm that specializes in rooftop amenity design will be invaluable to help turn your ideas into reality.
At Loft 6/4, we design rooftop amenities that will have a lasting appeal to prospective millennial tenants on many levels.
We’re here to help!