Attracting Millennials

With around 77 Million people aged 18-36 in the United States; millennials are the biggest generation to date.  Being such a large group of people, Millennials have a lot of buying power within the market place.  Generation Y, however, has some different wants and needs than many groups before.  In order to make sure your company is poised for this group of people, keep in mind some of the areas that are most important to them. DebraVanCleve_Group_of_Young_Adult_Friends_iStock_000016037243Medium

  1. Location.  Living somewhere that is convenient enough to get rid of a car is one of the most important areas for millennials.  When considering new properties for your business, keep in mind that Generation Y may be willing to pay extra in rent when they have to option of getting rid of a car payment.
  2. Online presence.  If they can’t do it online, they probably won’t do it.  Make sure your apartment listings are available and up to date online.  Using products such as MRI Software’s Vaultware will keep your records updated in real time, as well as give prospective tenants the chance to reserve a unit with the click of a button. Don’t forget to make your community known on social media sites such as Twitter and Facebook as well.
  3. Amenities.  Offering amenities that are most important to tenants as a part of their base rent is a great way to attract people.  While Cable TV is losing momentum, offering free Wifi could be a huge selling point.  Giving your residents access to the internet they need to stream shows through sites such as Netflix can end up saving them money, and increasing your occupancy.

Millennials offer a huge potential for filling occupancy.  Make sure your business is prepared by figuring out what is most important to the age groups you are catering to!

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