4 Multifamily Housing Features to Help Attract Millennials
Millennials constitute the largest segment of renters in the US today. Given their financial liabilities such as hefty student loans and job market stagnation, most millennials look for luxurious yet affordable apartments that meet their needs. Your multifamily property business can benefit from the rising demand of apartments by millennials. Hire a reputable multifamily property renovation contractor who can make required improvements to your property and make it attractive to millenials.
The blog post discusses four proven ideas that are sure to enhance the value of your multifamily property. Take a look.
1. Innovative Architecture
Millennials are attracted to apartments that have open floor plans and high rise ceilings. The preferred apartment architecture also includes larger windows, clean-lined architecture with right angled corners and an over-exaggerated asymmetry to the existing apartment’s architecture. Hiring a competent multifamily property contractor can help you implement the desirable features of a millennial home, either during pre-construction or during renovations.
2. Premium Amenities
Today, most people thrive on weekend get-togethers with friends. As a result, millennials look for amenities such as a dedicated pool and a patio gathering area in the multifamily housing property. They also dote on the idea of their apartments having in-house bars, lobby restaurants, guest accessible gyms and billboard rooms. You can upgrade your existing property’s architecture to include these amenities and enhance its appeal.
3. Advanced Security
Security is something that both multifamily property investors and prospective tenants take very seriously. While multifamily housing apartments nowadays have mandatory restrictive building entry systems, they also incorporate video and/or audio intercoms. Security features influence tenants’ decisions on whether or not to rent the property. Property owners should therefore, seek consultation from reputable apartment renovation contractors before installing CCTVs and video intercoms.
4. Pet-Friendly Spaces
Surveys show that approximately two-thirds of millennial tenants are pet-owners. Multifamily property owners, therefore, need to upgrade their existing properties to accommodate pet-friendly amenities such as dog grooming stations, synthetic turf pet areas, and dog runs. Hiring an experienced multifamily apartment renovation contractor, helps you in this endeavor. You can also include measures to ensure that having pets does not compromise the quality of your rental property, by adding clauses for monetary compensations to your lease.
Innovative designs, security measures, amenities, and other modern trends attract millennial apartment seekers. Multifamily property owners need to understand the needs and aspirations of millennials to tap into the vast and lucrative market. Multifamily property renovation contractors can help in this regard, by providing vigorous pre-construction services, and comprehensive home renovation services, to turn your existing multifamily housing property into a millennials magnet. If you are looking for a reputable multifamily apartment renovation contractor, look no further than United Renovations. To learn more about our services or discuss your requirements, call us at (972) 818-1065, (972) 818-1069, (866) 428-1065 or fill out our contact form, and one of our representatives will get back to you, shortly.