It’s no secret that millennials are facing more student debt than any previous generation has, and it’s important to understand how this fact affects your decisions and investments as a property owner. The high interest rates on student loans keep graduates weighed down by monthly payments. Because they’re already making loan payments for what seems like an eternity, taking out a mortgage and diving deeper into debt isn’t very appealing. As a result, more Americans between the ages of 20 and 36 years old are continuing to rent apartments and homes instead of buying, even as they age and start families. If you want to stay competitive in the real estate rental market, it’s essential that you provide the tenant amenities that millennials are looking for. Learn more about these three trends for property managers and owners to follow.
Focus on Fitness
According to mindbodygreen, millennials have become the fittest generation ever. Today’s tenants are interested in apartments, homes and offices that offer fitness amenities, from spin and yoga classes to weight training and treadmills for cardio workouts. Bringing opportunities for exercise directly to your tenants makes their lives more convenient, and who doesn’t love convenience? Look into options like meditation classes, pilates classes and yoga classes for your commercial property if you want to cater to millennial tenants.
Connectivity is Crucial
Millennials stay connected at all times, whether they’re commuting to work, out with friends or enjoying a relaxing evening at home. From smartphones and televisions to computers and tablets, electronic devices are often occupying the attention of the people around you. You can appeal to the multitasking generation with technologically advanced and interactive tenant amenities. Upgrade your building with Wi-Fi, a media center, smart appliances and energy-efficient appliances to keep the aesthetic and tenant experience of your property fresh.
Add Community Spaces
Whether it takes the form of an open multi-purpose area or a place for tenants to gather for TV, movies and games, having a community space can boost the attractiveness of your commercial or residential property. If you don’t want to opt for a dedicated fitness area are still interested in wellness amenities like on-site yoga classes, this type of open floor plan allows you to offer flexible programing. Wine tastings, on-site exercise classes and movie nights are just a few ways to bring tenants together in a community space. Contact Chasing Nirvana Yoga to bring yoga, meditation and pilates classes to your tenants!