How the Best Multi‐Family Developers are Meeting Millennials’ and Empty Nesters’ Apartment Demands

Gables Emory Point, Atlanta, GA

Gables Emory Point, Atlanta, GA

 

Multi-Family Development:

Multi‐family development has been steadily on the rise for the last five years due to a number of economic factors including downsizing Boomers and Millennials’ desire for more accessible in‐town living. Both groups have similar demands including upscale amenities that they have become accustomed to in sprawling suburban housing. Parents want the same perks and benefits they had in their larger homes and so do their recently graduated children starting their careers. Why would a graduate settle for anything less than the upscale experience they had in an on campus apartment?

While the Boomers enjoy the freedom and flexibility of apartment living, Millennials chose apartment living because paying off student loans and saving for their first down payment on a home takes time. In fact, Goldman Sachs reports that only 39% of millennials currently own homes compared to 47.5% in 2007.*

In 2015, The National Multifamily Housing Council recently conducted a survey of more than 120,000 participants to determine exactly what influenced these two primary residents to select one apartment over another. Location was the first priority which comes as no surprise. The preference of today’s renter is focused on walkability to work, their favorite activities and access to daily needs like the grocery store, restaurants or bars, entertainment, and public transportation. Promoting this feature and nearby conveniences online clearly informs a potential renter of this important decision factor.

Screen Shot 2016-07-12 at 3.57.57 PM

Gables Cherry Creek, Denver, Colorado

 

Wifi:

WiFi is an extremely enticing factor influencing renters and around 53% of potential renters actually check for connectivity while on a tour of an apartment. Since connectivity is complimentary at most airports, restaurants and stores, it seems logical that modern apartment seekers prefer free wifi in their place of residence. An article on REscour notes that millennials are beginning to push connectivity even further with the rise of virtual working options and are looking for the fastest fiber internet connection speeds possible.†

Screen Shot 2016-07-12 at 4.00.43 PM

Gables Emory Point, Atlanta, GA

 

Pet‐friendly features, such as grooming stations, day boarding facilities and pet walking services, are also at the top of many renters’ priority lists. The survey found that 33% of apartment dwellers own a pet so dog parks and pet‐ friendly policies are now necessary features especially for millennials who actually have a much higher rate of pet ownership of 57%.†

According to an article from Women’s Marketing, millennials are changing the face of fitness and not only expect a great gym onsite but a more social environment that includes group exercise that emphasizes achieving goals and keeps their interest peaked with personalized attention.‡

Screen Shot 2016-07-12 at 4.03.11 PM

Gables Emory Point, Atlanta, GA

 

And if a gym is a great social environment, a shared outdoor space is ideal. An outdoor space can include anything from a pool to a fire pit to an outdoor kitchen. Outdoor pool decks featuring lounge chairs, a grilling area, private cabanas, a shuffleboard court and amazing long‐range views seem more like luxury vacation resorts than the old traditional pool areas of apartments from ten to twenty years ago.

Screen Shot 2016-07-12 at 4.05.33 PM

Gables Emory Point, Atlanta, GA

 

Perhaps a more unexpected trend is ”package acceptance” where packages are accepted and stored by the apartment complex’s office at no extra charge. The National Multifamily Housing Council noted in its survey that participants are no longer willing to pay for space to keep their many eCommerce purchases thanks to Prime memberships offered by companies like Amazon who ship for free and deliver in many cases same day or overnight.

Screen Shot 2016-07-12 at 4.07.05 PM

Gables Emory Point, Atlanta, GA

Today’s contemporary renters look for an all-encompassing lifestyle that reflects their new standard of living when they chose an apartment. Staying ahead of customer demands and technology to meet Boomers and Millennials demands is required to stay competitive in a multi-family market in high demand. Emerging trends will continue to influence the next level of service renters require and anticipating the newest next feature and benefit they want is what great multi-family developers do every day.

 

Sources:

*http://therealdeal.com/issues_articles/millennial-city/hootPostID=d694ae855fcbdf9cec79af038b79ca9e

†https://rescour.com/2015/11/22/20-apartment-amenities-guaranteed-to-attract-and-retain-millennial-renters/

‡http://www.womensmarketing.com/blog/2015/09/millennial-exercise-trends/

Leave a Reply

Your email address will not be published. Required fields are marked *

Accesso Client Grid

AT A GLANCE

Hallandale Beach, FL

Accesso, with offices in 10 metropolitan offices across the US, is a full-service, vertically-integrated commercial real estate investment manager, owner, and operator. In 2019, they celebrate 15 years in business with $3 billion in assets and the management of 15 million square feet of commercial office space.

Partner since 2018

Hines

AT A GLANCE

Atlanta, Georgia

Owned by Hines, Atlantic Station offers the best of Midtown Atlanta with shopping in 30+ stores, 17 dining choices, the Southeast’s largest Regal Cinemas theater as well as year-round neighborhood and regional events.

Partner since 2016

The Avenue Murfreesboro

AT A GLANCE

Murfreesboro, Tennessee

Need new copy here

Partner since 2013

AT A GLANCE

Miramar Beach, Florida

Owned by Howard Group and Merchant’s Retail Partners

$500 million lifestyle Town Center

650,000 square feet of existing specialty retail and signature restaurants, 170,000 square feet of existing Class A office space, 509 existing and planned full and select service hotel rooms and suites, 500 planned luxury residential units

Flagship Tenants: Publix, Anthropologie, Pottery Barn, Kinnucan’s Specialty Outfitter, Emeril’s Coastal Italian, New Vision Boulevard 10 Theatre

Partner since 2000

 

AT A GLANCE

Atlanta, Georgia

Founded in 2011

National real estate investment manager focused on the U.S. rental housing sector

Invested over $2 billion across more than 23,000 conventional multifamily and purpose-built student housing units located in the South, Southeast and Midwest markets

Disciplined investment approach providing private investors with a fully transparent real estate portfolio

Partner since 2017

 The Bellamy Milledgeville

AT A GLANCE

Atlanta, Georgia

Property management company specializing in student housing and conventional apartment communities throughout secondary markets in the southeast

Build “resort style” student housing properties with an emphasis on technology and safety

15 properties across 6 states

Partner since 2017

Tanger Fall Campaign

AT A GLANCE

Greensboro, North Carolina

Tanger Factory Outlet Centers, Inc. is a is a publicly-traded REIT with more than 36 years of experience in the outlet industry

Operate and own a portfolio of 43 upscale outlet shopping centers located in 22 states coast to coast and in Canada

The portfolio totals approximately 14.8 million square feet and leases to over 3,100 stores operated by more than 500 different brand name companies

Attracts more than 188 million shoppers annually

Partner since 1997

Tanger 2017 Campaign

AT A GLANCE

Greensboro, North Carolina

Tanger Factory Outlet Centers, Inc. is a publicly-traded REIT with more than 36 years of experience in the outlet industry

Operate and own a portfolio of 43 upscale outlet shopping centers located in 22 states coast to coast and in Canada

The portfolio totals approximately 14.8 million square feet and leases to over 3,100 stores operated by more than 500 different brand name companies

Attracts more than 188 million shoppers annually

Partner since 1997

AT A GLANCE

Atlanta, Georgia

Founded in 1992

Real estate development firm specializing in urban retail mixed-use supercenters

Major developments in Atlanta, Denver, Florida, South Carolina, and Canada

Committed to enhancing neighborhoods and communities by investing in what are often considered marginal or transitional areas

Partner since 2015

Stafford Properties

AT A GLANCE

Tifton, Georgia

Commercial real estate firm focused on retail and hospitality industries operating in three divisions: Management, Development and Investment

Renowned for its core values of entrepreneurial spirit, work-life balance, doing what is right, valuing the team, and giving and expecting respect

Property holdings include 1.7M square feet of retail and office properties in the Southeast with an average occupancy rate of 95%

Partner since 2016

South Walton Food & Wine Festival

AT A GLANCE

Miramar Beach, Florida

Founded in 2013

Over 800 wines, celebrity winemakers, chefs, craft beer brewmasters and special guests

Performances by Nashville singer/songwriters and first-class wine and food seminars led by special guests

Benefits Destin Charity Wine Auction (DCWAF), supporting children’s charities in Northwest Florida

Partner since 2013

River Oaks Shopping Center

AT A GLANCE

Houston, Texas

322,000 square foot center owned and managed by Weingarten Realty REIT

One of Houston’s most prestigious and historic specialty centers offering a wide variety of national retailers, upscale restaurants and unique local retailers

Serves some of Houston’s most affluent neighborhoods

Key tenants: Kroger, White House | Black Market, , Ryde, Brasserie 19, J. McLaughlin, Hemline, River Oaks Theatre

Partner since 2015

AT A GLANCE

Houston, Texas

Founded in 1954

Commercial real estate firm offering a spectrum of services including property and facility management, leasing, marketing, development, investment sale, construction management and engineering

Strategic presence in 30 markets serving over 20,000 tenants every day

Lease and manage over 190 million square feet

Total portfolio value of over $35 billion

Partner since 2007

Promenade at Coconut Creek

AT A GLANCE

Coconut Creek, Florida

Developed in 2008 and acquired by Hill Partners, Inc. in 2016 when it became a LEED pre-certified development

23-acre open-air shopping center with over 45 brand name stores, local boutiques and restaurants

250,000 total SF encompassing retail, restaurant and class-A office space

Serves 742,000 people within a 5-mile radius

Partner since 2016

New Market Properties

AT A GLANCE

Atlanta, Georgia

Owns and operates 36 grocery-anchored shopping centers across seven states in the Southeast

Wholly-owned indirect subsidiary of Preferred Apartment Communities, Inc. (NYSE: APTS)

Targets centers that have market dominant grocery anchors that maintain a #1 or #2 market share in that particular market

Partner since 2016

Milagros Jewelry

AT A GLANCE

Chicago, Illinois

Non-profit company that works on behalf of Casa Hogar, a home for 120 abused, abandoned and indigent girls, ages 3-21 years, in Jalapa, Guatemala

Gracia Entrepreneur Training Program (G.E.T.) provides opportunities and resources needed to actualize economic empowerment, self-confidence, business skills, relationship and communication expertise to create a permanent shift in the way the girls of Casa Hogar think about each other and their future

Milagros is the product arm of G.E.T. where the girls earn income through one-of-a-kind jewelry sales made of 99.9% pure silver and precious stones handcrafted and sold by the girls themselves

Partner since 2017

Hill Partners

AT A GLANCE

Coconut Creek, Florida

Developed in 2008 and acquired by Hill Partners, Inc. in 2016 when it became a LEED pre-certified development

23-acre open-air shopping center with over 45 brand name stores, local boutiques and restaurants

250,000 total SF encompassing retail, restaurant and class-A office space

Serves 742,000 people within a 5-mile radius

Partner since 2016

Harbour Island

AT A GLANCE

Tampa, Florida

21-story contemporary luxury high-rise multifamily building managed by Gables Residential

Studio, 1 and 2 bedroom apartment homes and townhomes featuring granite countertops, stainless appliances, keyless entry and more

Best-in-class amenities, top-notch security, outdoor amenity deck with bocci court and infinity edge pool, fitness center, spa and treatment rooms, and more

Partner since 2014

Geyer Morris

AT A GLANCE

Atlanta, Georgia

Privately-held commercial real estate development firm

Developed over 10 million square feet of commercial real estate across 8 states

Currently have over 2.5 million square feet in development pipeline

Partner since 2016

Genesis Industrial Group

AT A GLANCE

Manhattan, New York

Privately held energy and infrastructure company with offices in New York, Houston, Texas and Portland, Maine

Family energy business comprised of wealth development knowledge and experience in the energy sector with an investment committee that affords the ability to move quickly

Operated, invested and advised on the acquisition of over $1.5B worth of energy, infrastructure and wastewater assets

Partner since 2017

Gables Columbus Center

AT A GLANCE

Coral Gables, Florida

Contemporary luxury high-rise community managed by Gables Residential.

1, 2, 3 and penthouse apartment homes featuring oversized windows, balconies, and extensive terraces.

Best in class amenities including concierge service, fitness center, penthouse lounge, pool & terrace, electronic vehicle charging stations and more.

Partner since 2014

AT A GLANCE

Miramar Beach, Florida

Owned by Howard Group

$500 million lifestyle Town Center

650,000 square feet of existing specialty retail and signature restaurants, 170,000 square feet of existing Class-A office space, 625 existing and planned full and select service hotel rooms and suites, 500 planned luxury residential units

Flagship Tenants: Publix, Anthropologie, Pottery Barn, Kinnucan’s, Emeril’s Coastal Italian, New Vision Boulevard 10 Theatre

Partner since 2000

Avison Young Client Grid

AT A GLANCE

Toronto, Canada

Founded in 1978

Fastest-growing commercial real estate services firm in the world comprised of 2,200 real estate professionals in 77 offices

Provide value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties

Partner since 2016

Search