Millennials look beyond basic facilities when they move to a multifamily property on rent. Multifamily investors and property owners, therefore, need to innovate ways to ensure the attention of the millennials. As low cost is one of the primary attractions of multifamily apartments, the investors and owners should also ensure that the multifamily building plans don’t put too much weight on their pockets. They can raise the rent only by a certain percentage and high renovation cost may offset their profit.
To help multifamily investors extract maximum ROI of their investments, here is a list of five amenities that makes sense to millennials.
1. Gates and Bridges
The millennial generation is often looking for out of the box ideas to rejuvenate. Whether it’s about taking an evening stroll or just sky watching, they are searching for outdoor havens. So, thinning the line between indoor and outdoor spaces can help investors attract millennials to their multifamily outlets. To start with, investors can include building decks, patios, small gates and bridges inside the multifamily property where millennial tenants can take a morning jog, relax or just plug into their workstation.
As millennials are getting more inclined to the residential lifestyle, multifamily building plans need to include cyber lounges to outdoor dining spaces to smart cubicles. The millennial generation is increasingly social too, so equipping them to hold cocktail parties, cook-outs and casual meetings can enhance their interest in multifamily outlets.
Smart home automation enables the tenants to control a few features of the home, even outside. This mainly includes security, electronic appliances, temperature and lighting that can be controlled by a single device, usually a smartphone. Combining these features or including only a few provides a better living experience for the tenants, and should be an integral part of multifamily building plans.
Millennial tenants consistently strive for open spaces and fitness centers to suit their lifestyle. Next to the list are in-house amenities such as dog parks, pet wash areas, vehicle repair centers and relaxation areas. A multifamily property that includes these essentials is known to attract more millennials , resulting in fruitful returns for the investors.
More often than not, millennial residents are busy people and seek rental properties that are well-maintained. On-site maintenance services that can take care of issues such as leaky faucets to squeaky hinges, HVAC maintenance, and pest control are only one of the things that deserve a place in a multifamily building plan.
Multifamily innovation, rather than renovation is the key to attract millennial tenants. While renovating a property, investors need to bring in innovative ideas that goes along with the lifestyle of the millennials, in order to extract maximum output from multifamily building plans. Therefore, before implementing a multifamily building plan, investors must brainstorm creative ideas to appease millennial tenants with renovation contractors followed by effective execution of the plans.
To help multifamily investors extract maximum ROI of their investments, here is a list of five amenities that makes sense to millennials.
Let’s have a look
1. Gates and Bridges
The millennial generation is often looking for out of the box ideas to rejuvenate. Whether it’s about taking an evening stroll or just sky watching, they are searching for outdoor havens. So, thinning the line between indoor and outdoor spaces can help investors attract millennials to their multifamily outlets. To start with, investors can include building decks, patios, small gates and bridges inside the multifamily property where millennial tenants can take a morning jog, relax or just plug into their workstation.
2. Hangout Areas
As millennials are getting more inclined to the residential lifestyle, multifamily building plans need to include cyber lounges to outdoor dining spaces to smart cubicles. The millennial generation is increasingly social too, so equipping them to hold cocktail parties, cook-outs and casual meetings can enhance their interest in multifamily outlets.
3. Smart Home Automation
Smart home automation enables the tenants to control a few features of the home, even outside. This mainly includes security, electronic appliances, temperature and lighting that can be controlled by a single device, usually a smartphone. Combining these features or including only a few provides a better living experience for the tenants, and should be an integral part of multifamily building plans.
4. Open Spaces and Fitness Amenities
Millennial tenants consistently strive for open spaces and fitness centers to suit their lifestyle. Next to the list are in-house amenities such as dog parks, pet wash areas, vehicle repair centers and relaxation areas. A multifamily property that includes these essentials is known to attract more millennials , resulting in fruitful returns for the investors.
5. Maintenance Facilities
More often than not, millennial residents are busy people and seek rental properties that are well-maintained. On-site maintenance services that can take care of issues such as leaky faucets to squeaky hinges, HVAC maintenance, and pest control are only one of the things that deserve a place in a multifamily building plan.
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The Way Forward
Multifamily innovation, rather than renovation is the key to attract millennial tenants. While renovating a property, investors need to bring in innovative ideas that goes along with the lifestyle of the millennials, in order to extract maximum output from multifamily building plans. Therefore, before implementing a multifamily building plan, investors must brainstorm creative ideas to appease millennial tenants with renovation contractors followed by effective execution of the plans.
