Or should it be, Millenniums + Boomers =
Today's Multi Approach to Multi Family Real Estate
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| Boomer vs Millenium |
Today, with the oldest of the boomers approaching their 70s, many of America's boomers are old enough to move into seniors housing. Many boomers, however, feel young enough to move into new rental apartments built primarily with millennials in mind, in hip, downtown urban neighborhoods. Others are content, and able, to remain in their large single-family homes in the suburbs.
In a word, boomers are a diverse lot, spanning not only the years between 1946 and 1964, but an array of interests and lifestyles, as well. They're tech-savvy, yes, but they still read the Sunday paper, too—often, in print. To market to them, multifamily executives need a flexible strategy that's as mixed as boomers themselves.
Mixing Boomers and Millennials
When wooing boomers away from home ownership, apartment operators may find the demographic isn't averse to a mixed crowd; many renters over 50 prefer communities with residents of various ages.
What we see in Nebraska and Iowa is an increase in population and a decrease in buildable lots. Combined with Boomers wanting out of large square footage and maintenance: Millennials not ready to be tied into house payments and responsibilities.
It's a natural fit to see the business center of a complex being used by a 55+ executive and a newly graduated business person.
Generational Decision Divide
Though they may enjoy some of the same communities and amenities, the paths boomers and millennials take to get to them can differ significantly.
Boomers, for example, can take much longer to decide to move—often for the simple reason that they may have been living in the same home for quite some time, with a significant amount of furniture and other possessions to deal with.
Boomers are also likely to pay several visits to an apartment development before they're willing to commit. They come alone or with a significant other. So, it is imperative to have professional leasing agents trained to answer the Boomers needs.
In contrast, millennials often bring friends and family to see an apartment they're seriously considering—in addition to sometimes posting photos on social media.
Millennials can also require more personal attention from property owners after move-in. This is a new experience with different questions to become comfortable with management. It may be their first true rent paying experience.
But when it comes to renewing a lease, millennials are more likely to complete the whole transaction by e-mail, online or chat. Be prepared to provide all channels of rent pay and renewal.
Diverse, sophisticated, and thoughtful—traits that describe both millennials and boomers but in slightly different ways. If you are prepared, you can win with both audiences.