If you're new to the Gen Z vs Millennial debate, let's bring you up to speed! Put simply, Millennials are those born between 1981 to 1996 and Gen Z refers to those born from 1997 onwards. have decided on these cut-off points to understand the generational cohorts that allow us to recognize changes in views, opinions, and needs over time. As a landlord, understanding these differences will help you cater to your tenants by providing the apartment amenities they value most.
What apartment amenities are Millennials & Gen Z renters looking for?
Millennials and Gen Z renters are a diverse bunch. They are also the future of the rental and housing market. As a landlord, we encourage you to consider both low-cost and luxury apartment amenities. When you find that perfect mix, you'll upgrade your property to one of the most in-demand apartments to rent in NYC and across the states. Here are our top picks of the most sought-after Millennial and Gen Z apartment amenities.
1. High-speed internet
Having grown up immersed in the internet, getting online plays an important role in the lives of most Gen Zs and Millennials. A patchy internet connection is an immediate turn-off for a generation that is constantly up-to-speed with evolving technology.
The National Apartment Association conducted a in November/December 2020. According to the survey, Gen Z renters look for Wi-Fi-enabled communities and security access control features above all other amenities.
2. Technology-enabled apartments, Smart Homes, and package delivery management
Once the apartment has high-speed internet, it is easier to incorporate smart home amenities such as smart locks, lighting controls, and automated window treatments.
Adding services that save both time and money, like a package delivery management system, are useful additions. This may include a package room or a package locker. Your residents can make online purchases and the delivery will be streamlined. You can find out more about the and make an informed decision.
3. Coworking space or lounge area
The pandemic was a defining moment for every generation. The lack of social interaction increased the need to connect with others, and taught us about the convenience of working from home. Coworking spaces tick two boxes for Millennials and Gen Z renters by allowing room for a working setup and the ability to communicate with others.
Many good NYC landlords are now incorporating lounge areas. Your young renters crave connection, and a coworking space or lounge area that caters to this provides utility and some respite from busy city life.
4. Health and fitness solutions
Through the pandemic and the lockdowns, many gyms were closed to the public. Luxury apartments with a gym are enticing but they are also a bigger investment to make. Many people now are turning to home workouts, with yoga, HIIT and Pilates getting their moment in the spotlight. Until you can upgrade your property to include a fully functional gym, adding a community room that can double up as a fitness studio will be a great addition.
5. Design upgrades to the property
New-age renters are happy to pay extra for design upgrades. Consider ways to enhance your property, from upgrading the countertops to changing out light fixtures. Anything that gives your apartment a modern edge! Although luxury apartment amenities can elevate your home, start small with investments that won't blow your budget.
6. Virtual apartment tours and easy online communication
As we've already covered, Gen Z renters especially have grown up with the internet. They tend to prefer the speed and convenience of browsing apartments online, instead of physically going to open houses and vetting landlords. When you provide a virtual tour of the apartment, it makes it easier for interested parties to check out the place.
7. Go green
Environmental sustainability has become a priority for so many Americans who are increasingly becoming conscious about how their actions impact the environment.As a landlord, you can take a few small steps to make your property appeal to Gen Z renters and Millennials. For example:
Eco-home upgrades are a great place to start. These include updating the insulation, adding an electric fireplace, or even adding eco-friendly and efficient light fixtures.
Adding more greenery to your property will also make it more attractive to your potential renters who may crave a green oasis in a busy city like New York. A community garden is another popular amenity that ties into the coworking or lounge area concept that young renters love.
Another aspect that you may want to consider is in New York. We recommend you explore the accessibility space so that you continue to understand the needs of the modern renter and in New York. Early identification will help you plan and work towards incorporating any changes needed to make your rental property stand out!
Appealing to the Gen Z and Millennial renter is possible if you keep in mind the key areas highlighted above. High-speed internet, technology-enabled apartments, and coworking spaces are all high on the wish lists of your potential tenants. Additionally, focusing on things like health and fitness, sustainability and designs upgrades will truly set your space apart. If you are a landlord we encourage you to fill out so our team can understand your portfolio and help you boost occupancy while also covering you for any liabilities.