Multi Housing News July 2012 : Page 8
news & notes How to Appeal to Millennials: ‘Must-Haves’ for New Apartments By Jessica Fiur, News Editor New York —Generation Y represents a large segment of the renting population. Recently, NAHB (National Association of Home Build-ers) hosted a webinar titled “Top 12 Must-Haves in Your 2012 Apartment Project.” Rohit Anand, principal at KTGY Group, and Jeff Kayce, vice president at The Bozzuto Group, spoke about important things to con-sider for new projects to appeal to the most renters—specifi cally Gen Y/Millennials. One major factor to consider when devel-oping a new multifamily community is loca-tion. Being close to transit to get to work, as well as to restaurants, bars, etc., is important to Millennials. The amenities offered should be designed to appeal to younger people. Anand and Kayce suggested having multi-use ameni-ties, such as a conference room that also can be used as a media room or lounge. Beware, though, of niche amenities, which depending on the location could be a success or barely used. For example, a dog wash area might be a success in an urban area. However, garden plots might not be successful in the same neighborhood. Another aspect that is changing is the leas-ing area. Because of the Internet and smart-phones, now prospective renters come in having already done their research, making the leasing a much quicker experience than in the past. Hence, these areas can be made smaller or have multiple uses. One amenity developers and designers should most certainly include is a gym. Mil-lennials expect to have a fi tness area in their apartment communities. Additionally, many properties are also adding other fi tness fea-tures, such as a yoga room, to give residents a “holistic experience.” Unit plans have shrunk in size since the last development cycle, although walk-in closets are still a very popular feature, as are stainless steel appliances. However, division of space within the units is still important. Facebook Live Chat on Facebook with Kate Good News Briefs Green Affordable Apartments Open Fully Leased in South Florida Phoenix Luxury Rental Property Acquired by Aimco Vacancies Down, Rents Up in Chicago Apartment Market Blog Should Smoking Be Banned in Apartments? Six Amenities You Need, and Two You Don’t, For a Vacation Rental What Should Go in a Welcome Basket for New Residents? Tweets Technology Amenities Residents Look For Building Class A LEED Multifamily CMBS Special Servicing Specialist Ann Hambly offers Advice for Borrowers, Investors 8 July 2012 | Multi-Housing News City Pages Los Angeles—Construction Starts on $50M W. Hollywood Apartment Complex Philadelphia—City-Owned Vacant Property Sales Made Easier with New Online Tool Baltimore—Developers Plan $100M Development in Columbia Tryko Partners Acquires HUD-Subsidized Seniors Housing A Visit to the Greenest City on the Planet
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