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Millennials consumers are here to stay, cementing themselves firmly into every retail market––including housing. Your newest renters are different from their predecessors. Here are 10 things you need to know.
Millennial buyers are here to stay, cementing themselves
firmly into every retail market—including housing. Your
newest renters are different from their predecessors.
HERE ARE TO THINGS YOU NEED TO KNOW.
They love their furry friends.
MORE THAN 76%
of Millennials own cats or
dogs. Pet—friendly rentals help
ensure you don't just attract
24% of this market.
The average Millennial drove
23% LESS in 2009 than in 2001-
the sharpest reduction for any age group.
Lack of bike storage could be a deal
breaker for the 2-wheeled commuter.
- u u u - u o - u - u - u - - o - o - o - o - o o o - o - o - o - o - o - o - o - o u o - - o o o . -
Millennials have children and are looking
for rentals to fit their lifestyles.
Millennials dined out 1 night
less per week in 2012 than
they did 5 years prior. Modern,
updated kitchens can be a huge
selling point for the 61% of
Millennials who enjoy cooking.
They like giving hack to the community.
o u s - . - a u . - a u a u - - o c - c u o u c u c - c - c a c a c - u - c - c u c - - o c - o u - o o o o - o o s o o o o - n u n - n u - - a - o - o - s - on
L2 1 in 3 will boycott or support businesses
based on the causes they care about.
) 4 in 5 are more likely to purchase from
o . _ companies that support causes they care about.
63/0 of Millennials donate
to charities and prefer 3 in 4 think more highly of companies that
companies that do the same: support social causes.
Seeking ways to help your local community enhances your attractiveness to younger renters.
They rarely write a check.
Help them pay their
rent on time by giving 22% of
them options for
making payments. have never
38% of them prefer written a
to pay online. physical check.
Millennials want to feel safe where
they live. 76% reported safe streets Q
as a No.1 priority for metro dwelling. E E
Providing security amenities. such as
security cameras, can boost your
bui| ding’s secure image.
They're talking about you.
They're more likely to share the bad
than the good:
0 5/7 0’ , _
_ OX3:/ grifcs than 75% of Mrllenral renters base
their decisions on ratings and reviews.
Relying heavily on word of mouth. more
They text everything.
1 Millennial = 20 texts/ day
Property managers who are easy to reach via text
can help save occupants time and effort. offering
various options to keep the young generation
happy. And you do want those good reviews, right?
Sending someone now!
v They need fresh air.
living spaces equally to indoor lounging areas.
v Providing communal outdoor socialization spaces
can help business boom.
SOURCES: Apartrrtcntscom I Pew Research I Landlord Property Management Marketing Charts
Planning Lowc. -s l MrlIr, annra| MarkCtrng FMI l USA Today l Triplc: Pundrt l lssuu