The Bay Area is a key hub for the millennial urbanite and a driving force in the rental market.
According to population projections from the U.S. Census Bureau, Millennials are on the cusp of surpassing Baby Boomers as the largest living adult generation. Cerebral types can read more about the forces behind the demographic shift here, but we’ll move onto how the millennial generation is shaking up the future of the property management industry in the San Francisco Bay Area and beyond.
Cities throughout the Bay Area are telling dual narratives: the economy is thriving but residents are struggling to afford their lifestyles. Staring at the highest home prices in the nation and saddled with debt, millennials still embrace the American dream of home ownership, but many have to defer that investment until later in life.
Aside from the financial challenges, lifestyle preferences have contributed to rental demand among young people — unlike their parents and grandparents, many millennials are more comfortable paying rent, rather than committing to a huge mortgage.
This multiplicity of factors has led to a large pool of Bay Area millennials in the rental market, leaving investment rental property owners trying to figure out how to attract and maintain the newest generation of spending power. Bay Property Group can help you crack the code.
Reflecting their demand for amenities, millennials seek housing with high-end conveniences. Bay Area landlords who can accommodate these preferences will undoubtedly be successful.
A study by the National Multifamily Housing Council and real estate consulting firm Kingsley Associates discovered that fitness centers, outdoor recreational facilities, barbecue grill areas and community WiFi were among the most highly prized amenities. Having access to quality common areas and co-working spaces is also paramount to this age group.
Using technology to attract and maintain millennials
It should go without saying that technology is one of the defining characters of this age group. Most Bay Area properties and their properties managers maintain an online presence to advertise their apartment listings, but many are only beginning to grasp the importance of online and mobile capabilities. Staying connected with millennials 24/7 across multiple platforms and social media is critical for the success of rental property owners looking to get in front of this tech-savvy crowd.
Millennial rental demand + technology = mobile property management solutions
Bay Property Group helps Bay Area landlords take a multi-pronged digital approach.
Communicating with residents
- Send automated and customized messages by text or email for important events such as lease renewals and payment reminders
- Deliver targeted emergency notifications to residents with a simple click of a button
- Provide residents with easy and convenient access to make rent payments
- Accept growing payment types such as debit card, credit card, and ACH
- Deliver automatic payment reminders via text or email
- Reduce or eliminate use of costly money orders
Improving Maintenance Requests
- Allow residents to submit fast and simple maintenance requests through mobile devices — even attaching a picture with the request
- Enable residents to track their maintenance history online or through a mobile device.
Surveying residents and gaining insights
- Leverage event-driven surveys to quickly and easily gauge resident satisfaction
- Use data to improve online reputation, reduce turnover, and improve occupancy
Millennial demand for apartments has a long runway into the future and Bay Property Group can help you attract and retain this undeserved demographic.