The Trend in Multifamily Apartment Rentals
When it comes to choosing a residence, Millennials and Baby Boomers have more in common than you may think. Increasingly, both groups seek luxury multifamily apartment rentals well located within cities as their first choice for housing. Both Millennials and Boomers are looking for housing options that cater to their lifestyle. Boomers (51–71) want to live mortgage-free and lower their housing expenses and transient Millennials (18–34) enjoy the flexibility of renting. Multifamily apartments also provide a range of unit types, from 500 square-foot studios to three-bedroom town homes, fulfilling the desire of Boomers to downsize or Millennials to live minimally.
Multifamily communities check off many of the boxes both Millennials and Boomers are searching for in housing: a diverse community, convenience to daily necessities and high-end amenities.
Today’s apartment communities are far more diverse than they were 25 years ago. Apartments are no longer occupied solely by college students and young professionals. In the past decade alone, the number of renters aged 55 and older has increased by 42 percent. When you have a good mix of ages, the environment feels like a true community – it gels better.
Increasingly we are seeing that residents of all ages are actively seeking out community events to get to know their neighbors. Several of our communities employ CAREs Teams, comprised of individuals who live onsite and partner with the management team to foster a sense of community by personally welcoming new residents and planning monthly social events.
Walkability and proximity to everyday conveniences is a major factor when choosing a residence. Both Millennials and Boomers value the ability to walk to a restaurant, neighborhood market or coffee shop.
The diversity and density of residents is what sustains walkable retail. As much as they have in common, Boomers and Millennials visit shops and restaurants at different times of day. Most of The Beach Company’s apartment communities are mixed-use projects with retail use on the street level. The built-in number and frequency of customers support the retail, and the ability to walk to dining and shops becomes a neighborhood experience for residents. And, contrary to opinions frequently expressed by those opposed to density, every walk-in visit to a neighborhood shop is one fewer car on the road.
The amenity packages expected by today’s renter include items you would expect, like a pool, fitness center and clubroom. However today’s Millennials and Boomers expect next-level amenities. Your pool becomes a saltwater pool with aqua shade lounge, fitness centers are stocked with state-of-the-art equipment and are larger than ever before and resident clubrooms overlook the city skyline with HDTVs lining the walls. And that’s just the start.
Aside from community amenities, Baby Boomers and Millennials both prefer high end finishes and appliances within their apartment homes. While average apartment sizes have dropped from around 1,200 square feet a generation ago to 750 square feet today, renters expect these spaces to be modernly outfitted and efficient.