There is a tidal wave of new apartment renters coming our way! The Millennial Generation, also known as “Gen Y” and “Echo Boomers”, have delivered millions of new apartment renters over the past decade across the country. Commonly defined as people born between 1980 and 1996, the oldest “Millennials” have turned 34 this year. But the largest number of Millennials are just reaching the prime rental age group of 20-30 years old.
Many people are surprised to learn that the most common age group in America are 22-year-olds. In addition to “22”, the next most common ages are “23” and “21”. This wave of 20-somethings won’t peak until 2018. That is great news for apartment investors, but it’s also a reminder for owners of how important it is to effectively relate to, and market to, this generation of renters.
Millennials tend to be drawn to the urban lifestyle. So Central Denver landlords are benefiting from this trend. Millennials depend on technology, thrive online, and seek a sense of community in their environment. As such, wireless internet (wifi), once thought of as a luxury amenity, is now nearly as vital as heat and hot water to today’s renter.
These renters also expect to be allowed to pay their rent online, and to communicate with management through email and texts. And as we’ve seen through the growth of craigslist in the past seven years, they absolutely shop online for their next apartment home.
Effective online advertising includes quality digital photos, descriptive narrative, and a method for online applications. In most instances, if Millennials can’t do business with you online, they’ll do business with someone else.
~Kyle Malnati (303-358-4250)
Greg Johnson (303-343-8333)
Madison & Company Properties
1221 S. Clarkson St. #300, Denver, CO 80210