Property Management And The Rise Of The Millennials

A business hoping to stay relevant in its industry should learn how to adapt to shifting consumer demographics and market trends. And at present, millennials already constitute a significant part of the market; recent statistics have shown that the said generation make up around 25 to 30 percent of the total U.S. population.

And as millennials are on the onset of their prime spending years, property managers should find ways to capitalize on this.

Firstly, property management professionals and companies should understand that millennials are more inclined to rent a residential property initially, instead of buying one, for various economic, career, societal, and government factors. They should also take note of two of the dominating characteristics that millennials generally have: highly social and highly visual.

Gone are the days when rental real estate is defined by square footage and room size – millennials would rather look for properties that offer amenities that facilitate socialization and foster their digital entertainment needs. For example, properties that include recreation facilities, coffee shops, speedy Wi-Fi connection, and efficient cellular service are more likely to pique the interest of these renters. Property managers then have to find ways how to install or upgrade these features.

And the aforementioned characteristics are also evident in how millennials can spend almost the entire day on the mobile devices or computers. They have the need to share their opinions or experiences with not just their friends, but even with strangers on social media. Thus, now more than ever, ratings and reviews matter. Property managers should then put a premium in not just improving their properties, but also in bettering their customer service and relationship with consumers or tenants.

Randy Benderson is the president of Benderson Development, helping build the company into becoming one of the largest and most diverse real estate developers and property managers in the U.S. For more articles on the industry, click here.