There’s a lot of research out there on Millennial consumer behavior. This interesting generation is unlike any other, and they don’t behave the way we expect. This is good news for multi-family property owners, because Millennial behavior indicates that they’re waiting longer to get married, start families and buy homes.
One of the primary factors for an entire generation’s delayed homebuying has to do with their preferences on where to live, according to a new study by the Urban Institute. Results show that homeownership rates are “eight percentage points lower” than both Gen X and Baby Boomers in the 25-34 age range, and that educated Millennials are choosing to live in more expensive urban centers. Housing prices in these areas are skyrocketing, making it more economical for younger adults to continue renting.
Renters may not be moving into homes, but they are certainly moving into different rental properties. Whether they’re relocating for a job or educational opportunity, need more space or want better amenities, Millennial renters are seeking out the best of the best when it comes to rental properties.
Property owners can give their units a competitive edge with smart apartment renovations.
Create Beautiful Spaces that Residents Will Love
Renters will always appreciate large, open and welcoming spaces that invite socialization, but small features can have a large impact when it comes to living spaces. Most will agree that plain white walls, while economical, don’t add much to a space’s overall appeal. When paired with fluorescent lighting, white walls can make a space feel downright clinical. Opting for beiges or grays can increase visual appeal instantly, without risking going out of style in a season or two.
With the ever-growing list of personal electronic devices carried by the average American, easy-to-access charging capabilities are a must. Installing outlets with built-in USB ports is a quick and easy way to add functionality and convenience to any space.
One of the best things property owners can do to increase the visual appeal of their property is to maximize the great assets that are already in place. Exposed wooden beams add instant character. Have an exposed brick wall? Don’t cover it up or whitewash it. Instead, add open shelves and let the wall become a showpiece.
The kitchen is, without a doubt, the heart of every home. Older building designs tended to separate kitchens from the rest of the living space, but now is the perfect time to bring things together. If at all possible, open the kitchen to the living space to create a warmer, more welcoming and more social space for renters to enjoy.
Most would agree that the larger the kitchen, the better, but even small kitchens are desirable if they’re highly functional. That means counter space and storage space are essential, and high-quality appliances that simplify cooking are smart investments that will increase renter satisfaction.
Again, functionality is the single most important factor of a good bathroom design. Even if the bathroom is small, if it is easy to use the space, renters will be happy. Convenient towel racks, high-quality shower heads, large mirrors and an easy-to-clean vanity are simple upgrades that can make a big difference in functionality.
Ample storage is also essential to a highly-functional bathroom – that means a small medicine cabinet will not suffice. While pedestal sinks look nice and create an open feel, we recommend vanities with drawers and cabinets that make storage easy. If you have space to add a linen closet or open shelves, residents will thank you again and again.
Interior Design Trends to Watch in 2019
We may be your trusted appliance experts, but we also like to keep a watchful eye on the multi-family industry as a whole. Interior design trends often influence appliance features and finishes, which in turn can play an important role in the appliances our clients choose for their properties.
2019 looks to hold some significant shifts in interior design trends, and while not everything will make sense for a multi-family property, there are some great ideas to consider if you’re planning an apartment renovation in the coming months.
Check out our list of the Top 5 Apartment Renovation Trends to Watch In 2019.