Tenants are looking for something new.
Gone are the days of paying via a drop box and never seeing your neighbors. Today, millennial tenants want an experience. They want social responsibility. They want convenience.
Property managers are seeing that and changing the way they operate. Property management isn't just maintenance calls anymore. Now, they are looking for new, innovative, and sometimes back-to-basic ways of giving tenants what they want.
1. Community Engagement
Today's tenants want a sense of community in their apartment building. Property managers can host events to bring the community together in addition to having community space. Host a wine tasting in the lobby, a super bowl party, or a yoga class. Take old space that is no longer used and convert it to a BBQ area. Property managers have the opportunity to foster relationships and comradery with residents, and that is exactly what they are craving.
According to petfoodindustry.com, 84.6 million millennials have pets. Of that group, 63% think their pets should be pampered. Residential buildings that cater to pets will have an advantage for millennial tenants (the biggest renter market). If the building has open space, consider making it a dog park area where owners can let their dogs off leash for some fun. When 70% of people who live in apartments have a pet, you want to capture that market by catering to them. Other pet-friendly amenities include on-site grooming, boarding and pet sitting, in-house dog walkers, indoor/outdoor dog parks, and more.
3. Green Utilities
Millennials prefer an energy efficient home. Apartment units should have energy efficient appliances. They look for Energy Star labels on their dishwashers, washing machines, and refrigerators. In addition, add smart control to the HVAC. These choices will keep utility costs down for the building and tenant. Offer recycling in your building. Millennials care about environmental issues, and would choose a building that has recycling over another.
Today's tenant wants convenience. They want online payment portals, online leasing, and maintenance requests. They want on-site fitness centers. They want car services. They want WIFI.
What are you doing to differentiate your building from your competitors?