Millennials and Gen Z Revolutionize Multifamily Housing

Key Features:

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Millennials taking charge:

These avocado-toast lovers are showing their compelling power in reshaping the ground rules of the multifamily housing segment. Full size gyms, rooftop social areas and dog parks are now the norm, rather than exception. Basically, it’s not a “fun house” unless it’s millennial-approved.

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The Gen Z Promise:

Millennials might be the creatives, but Generation Z are the navigators. They’re expected to excel at accelerating the modification of multifamily housing. Expect high-speed WiFi everywhere, given Gen Z’s innate need to be online 24/7.

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Time for property managers to tutor up:

If you’re a property manager and don’t know what “Finsta” or “Yeet” means, you need to seriously up your slang game. Now’s the time to understand the unique needs and tech-savvy demands of these dynamic demographics.

Hot Take

It appears the multifamily housing market is less ‘Family Feud’ and more ‘Name that Millennial/Gen Z Trend’. From fitness centers to free-flowing WiFi, the rhythm of the rental market is beating to a tune carefully composed by millennials, and remixed by Gen Z. Property managers might as well consider trading in dated lease agreements for TikTok profiles.

Though they’re sometimes mocked for their love of avocado toast and excessive screen time, millennials and Gen Z are proving they have the real estate prowess to match their digital dexterity. They’re not just redefining multifamily housing, they’re providing the blueprint for it. Property managers, dust off your Snapchat accounts and roll out the welcome mat, because the next generation of tenants is here. They don’t just want the key to the front door; they want the password to the WiFi and the pin to the gym as well.

Original article: https://www.inman.com/2024/01/30/prioritizing-the-needs-of-young-renters-in-multifamily-housing/