Remodeling Multifamily Properties For Millennial: A Handy Guide
While remodeling multifamily housing you need to understand your target audience. Creating houses according to demand determines whether your multifamily properties stay vacant or are full with a waiting list of tenants. Multifamily housing attracts tenants from all demographics, nevertheless, the force behind the increase in demand are the Millennials, who are moving across the length and the breadth of nation for jobs as economic recovery has started gaining momentum.
These youngsters have certain needs, as an investor you need to understand these needs and ensure your property reflects these changes while showing apartments to prospective tenants. Some of the ideas that click with this generation are open kitchen, combined living space, extra room that is easy to rent-out for parties. There are certain key points that you should consider while remodeling for millennial in Dallas, TX area.
Apart from these basic necessities, another motivating factor behind increase in demand is the need to be near the urban lifestyle coupled with affordable rent and amenities. These projects are aimed towards providing walkable distance to transport hubs.
As an investor, your prime concern is to generate revenue on your investment and rent is the source of income. Rent needs be affordable as Millinials, one of your main group of tenants like to spend more of their income on things such as clothes, cars, technological gadgets and more. Another change in behavior is the duration for which millennials stay at one house. They tend to stay at one place as long as it is possible as it might be near to transportation hub, near to office or just nearby nightlife. We all remember how a single house was the center of activity in the CBS sitcom How I met Your Mother.
Some of the amenities that are a hit with millennials are good internet connectivity and speed, ability to integrate work and play, health centers or activities that promote a healthy lifestyle, community activities and lastly a great experience. So the questions here is how do you provide a great experience? The answer is in associated services such as laundry and dry cleaning, concierge service that can cater to tenants needs, in case your building is near a transport hub then giving ample parking space for two and four wheelers is a good idea.
While remodeling the houses in Dallas, TX, it is better to understand what clicks with the local youth and what is the national trend so that your building is up to date and caters to the needs.