When renters look for a new place to rent, they pay careful attention to what transportation options are nearby. Property managers would be wise to research the options and make those clear to potential renters. Is the property near a bus line? Is it a short bike ride to a local shopping center? Perhaps there are ride sharing programs nearby.
Still, Americans are hardly likely to shift completely away from our car-heavy society. On-street only parking isn’t a deal-breaker, but apartment managers still need to be aware of the need for parking and ready to point out viable options in the area, such as inexpensive parking lots or where the tenant can easily park when arriving home.
Living in the Middle of the Action
While baby boomers are working longer, they are also living longer. This means they are more active than previous generations at their age. They want to get out and enjoy life, create new memories! Life is about building experiences; boomers don’t want to be stuck in a remote, isolated location without access to fun amenities to try out.
Millennials have a similar outlook on life. They want to build memories and experience all life has to offer. They want to live in the middle of the action and be within walking distance of stores, restaurants and event venues – or at least a very short drive away.
Consumers expect everything they need to be within a
10-minute “bubble” around where they live. If you’re looking for a rental property to invest in, pay attention to what amenities are being added in the area. Get out and walk the neighborhood within that 10-minute bubble and see what is available. This knowledge also helps landlords and property managers as they advertise a vacant rental and explain the benefits.
Enjoying a Sense of Community
In ages past, families lived in multi-generational homes and enjoyed plenty of social opportunities. Today, families may live halfway across the country or even on the other side of the globe. Multi-generational homes still happen of course, but families have increasingly found new ways to communicate over long distances with technology. This means apartment communities have sought to create new places where residents can socialize with one another.
It isn’t uncommon to go into the common area of an apartment building and see older and younger generations chatting. Despite what you might read online, inter-generational feuds aren’t a given — most millennials know we have a lot to learn from the older generations. At a minimum, both generations can enjoy getting out and meeting new people of all different ages.
Many modern apartments offer classes, such as fitness classes, cooking classes, or other community events. This type of social gathering is particularly attractive to baby boomers as they leave the suburbs for city living. Millennials enjoy meeting new people and making networking connections that may pay off socially or professionally. Older professionals may have connections and knowledge that the younger generation doesn’t have, while younger generations have fresh ideas and familiarity with technology that’s helpful to baby boomers.
Mixed-use projects are on the rise, which includes urbanism, transit development and chances to socialize with others. This might look like a building with a dog park, rooftop gardens, a swimming pool and indoor spaces, such as a coffee bar and seating, community kitchens and even a theater complex.
Imagine a mini-city within a single building or block and you’ll have a vision of a mixed-use project. You don’t need to undertake such a massive project to understand the benefits of value of incorporating some of these ideas in small ways!
I’ve seen some more baby boomer renters among my rentals. Definitely seems like more of them are downsizing, and like the flexibility of a one-year lease agreement over the commitments of home ownership.
Oddly enough, it seems like millennials and baby boomer tenants get along quite well!
I agree, David! I think baby boomers tend to have a more open outlook on interacting with neighbors, too – I’ve had so many great interactions with them, whereas I think more people my age were heavily trained not to be too friendly with strangers.
That’s been my experience too David! More similarities than most people think. It’s the Gen-Xers who are the weirdos 😉
I’ve started to see more older renters as well. I’m all for it, they tend to move less often and stick around for longer. Fewer turnovers = happy me!
Amen Kelly! And thanks for the comment!
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