What Do Younger Renters Want in a Multifamily Community? Convenience Amenities and Hospitality-Like Service

What Do Younger Renters Want in a Multifamily Community? Convenience Amenities and Hospitality-Like Service

Presented as a public service by Joe Peters of Coldwell Banker

Reposted form nreionline.com

Millennial and Gen Z renters put an emphasis on convenience, technology and prompt service.

The multifamily market has certainly evolved over the last several years. From the types of amenities renters demand, to an influx of new development, to rising competition, all these factors have an impact on property owners and the bottom-line profitability of a community.

This is why today, more than ever before, it is extremely important for property managers to ensure their properties are catering to the latest demands of millennial renters, one of the largest rental cohorts in the United States.

The multifamily market has certainly evolved over the last several years. From the types of amenities renters demand, to an influx of new development, to rising competition, all these factors have an impact on property owners and the bottom-line profitability of a community.

This is why today, more than ever before, it is extremely important for property managers to ensure their properties are catering to the latest demands of millennial renters, one of the largest rental cohorts in the United States.

The influx of multifamily development in many markets across the nation has also increased competition for renters. It’s pertinent for property managers to truly understand the needs and wants of this demographic in order to drive leasing activity.

So, what are millennial renters looking for in their apartment communities and how can property managers ensure their properties standout amongst the competition?

Convenient service-based amenities

Millennials grew up in the digital age where access to whatever they needed could be found

with a click of their fingertips whether on a computer, cell phone or now an app. This instant access has continued to evolve with ride sharing apps like Uber and food delivery apps like DoorDash, both of which make life more convenient for users.

Today’s renters are demanding the same in their apartment communities, especially the millennial and Gen Z demographics.

This includes everything from automated storage areas or lockers for packages, trash valet services, community dog parks and dog walking services, nest thermostats, and smart fitness equipment, among others. Renters continue to require amenities that bring ease to their lives, saving them time and money.

For example, renters today do not simply want an on-site gym facility. They are demanding a fitness and wellness center equipped with access to on-site yoga, zumba and other fitness classes or access to on-site personal trainers, or smart fitness equipment. This provides a convenience to residents that allows them to access services for which they would traditionally have to go off-site.

Along with fitness features, we’ve seen a rising demand for ride-sharing drop-off and pick-up zones. This amenity is well-received by millennial residents who rely on this form of transportation on the weekends, and some even daily, for their commute. This is a standout feature for prospective renters and plays a role in attracting and retaining residents.

Providing amenities that simplify the lives of residents can leave a lasting impact, giving property managers an increased retention rate, which is vital when competing with new developments.

Hospitality-like service

Millennial renters are also demanding many amenities that are typically found in luxury hotels, such as dry cleaning drop-off and pick-up, concierge services for residents such as valet services, spa services, and grooming services for pets, among many others.

This type of hospitality-like service goes beyond the concierge services in themselves and into the superior customer service offered. Community managers and every employee at a community today needs to be thoroughly trained in providing superior hospitality-like customer service to residents at all times.

This includes fast response times, addressing and resolving needs quickly, being available and easily accessible for questions or concerns, etc.

With an influx of multifamily communities, property managers need to ensure their team is equipped with the skills to address resident requests and feedback with the same level of service these individuals would receive when staying at a luxury hotel. This aids in leaving a lasting impression for residents and makes the community standout amongst the competition.

For example, if an individual stays at a Marriott Hotel, whether it’s a higher-end Marriott or a Courtyard Marriott, they will receive the same level of service at every level. Today, the same applies to multifamily communities. Whether it’s a luxury apartment community or a more affordable community, the level of service is expected to be the same and residents are actively demanding this.

Overall, with increased demand for convenience amenities and concierge services, there comes an increased demand for superior customer service. Today’s renters want to be catered to and know that in their apartment community they will get amenities that make their lives easier and service that makes them stay.


Presented as a public service by:

 

 

First Time Home Buyers: Your Six Month Plan

First Time Home Buyers: Your Six Month Plan

Presented as a public service by Joe Peters of Coldwell Banker

 

First time home buyers who dip their newbie toes in the mortgage waters might soon find out there’s a lot more to know than originally thought. It is a brand new world with lots of new terms, people and businesses and it can be a bit overwhelming at first. Heck, even seasoned buyers can find the mortgage process quite a bit to handle sometimes. But for first timers, knowing ahead of time what to expect and when to expect it will make the process a smooth one.

Here’s what to do financially when you’ve decided to stop renting and start owning.

Month 1:

You’re still sort of in the exploratory phase but you’re still committed on buying your first home. Yet buying a home isn’t something you should do on your own, especially as it relates to financing. Know this, though- most every traditional mortgage company offers the same suite of home loan options. Mortgage lenders spend a lot of time and effort on marketing and loan officers live and die from referrals but both will try and differentiate themselves from everyone else. Typically the primary differences are experience in the industry and stellar customer service.

Month 2:

Now it’s time to get some referrals for financing. You can get them from your selected real estate agent, friends and family or your financial planner or CPA if you have one. Once you make your choice about where you’re going to get your first mortgage, you’ll then speak with your loan officer over the phone or at the place of business. This is the prequalification stage. After a relatively brief conversation about your income, current debt and employment, the loan officer will research current mortgage rates and provide you with an amount you can comfortably qualify for as well as a list of loans that meet your needs.

Month 3:

It’s getting closer. But now it’s time to submit a loan application to your loan officer. Most often this is done online but your loan officer might offer to come to your home or place of business and take the loan application face to face. You’ll sign a list of documents, most importantly your loan application and authorization forms allowing the lender to inquire about your employment and credit history. Your loan officer will electronically submit your application to an automated underwriting system which will, within a matter of moments, provide a list of items needed to get your loan to the full approval state. You will then have a preapproval letter in hand. It’s time to submit copies of your pay check stubs, bank statements and tax returns if needed.

Month 4:

Your loan officer told you not to make any sudden changes about your work, employment or make any relatively large purchases. Don’t go buy a car while your loan is in process, for example. You have your preapproval letter in hand so it’s time to get serious about finding your first home. This, of course, is done with your real estate agent. And I can’t stress this enough- do NOT try and look for a home and negotiate with the sellers about the price. Professional real estate agents are pros at negotiations and you’re already out of your league. Let your agent do the heavy lifting by finding some housing options in the areas you’d like to live. And, surprise, a buyer’s agent doesn’t cost you a dime.

Month 5:

By now you’ve likely looked at your fair share of homes and you may very well be in a position to make an offer. You should always keep in close contact with your loan officer as well. Interest rates move over time and it’s possible that rates have gone up which effectively lowers the amount you can qualify for. Conversely, rates may have gone down and your buying power received a boost.

Month 6:

You’ve found a home. Wheels begin to spin rather quickly after the contract has been signed. Your lender will need an appraisal and many lenders ask for money to pay for an appraisal upfront. Your loan will be reviewed one more time and any expired documentation will need to be updated. Credit documents such as a credit report, pay stubs and bank statements need to be no more than 30 days old when it’s time to fund the mortgage. Once your loan has received full approval and you’ve met all your loan conditions, loan papers are orders. At your closing, you will sign a host of closing documents and have your down payment (if needed) and closing cost money wired to the settlement agent. After signing, the lender does one more review of your file, making sure all the documents have been properly signed. You’re now a first time home owner.


Presented as a public service by:

 

 

Homeowners Are Happy! Renters? Not So Much.

Homeowners Are Happy! Renters? Not So Much

Presented as a public service by Joe Peters of Coldwell Banker

When people talk about homeownership and the American Dream, much of the conversation revolves around the financial benefits of owning a home. However, two recent studies show that the non-financial benefits might be even more valuable.

In a recent survey, Bank of America asked homeowners: “Does owning a home make you happier than renting?” 93% of the respondents answered yes, while only 7% said no. The survey also revealed:

  • More than 80% said they wouldn’t go back to renting
  • 88% agreed that buying a home is the “best decision they have ever made
  • 79% believed owning a home has changed them for the better

Those surveyed talked about the “emotional equity” that is built through homeownership. The study says more than half of current homeowners define a home as a place to make memories, compared to 42% who view a home as a financial investment. Besides building wealth, the survey also showed that homeownership enhances quality of life:

  • 67% of current homeowners believed their relationships with family and loved ones have changed for the better since they bought a home
  • 78% are satisfied with the quality of their social life
  • 82% of homeowners said they were satisfied with the amount of time they spend on their hobbies and passions since purchasing a home
  • 75% of homeowners pursued new hobbies after buying a home

Homeowners seem to be very happy.

Renters Tell a Different Story…

According to the latest Zillow Housing Aspirations Report45% of renters regret renting rather than buying — more than five times the share of homeowners (8%) who regret buying instead of renting. Here are the four major reasons people regret renting, according to the report:

  • 52% regret not being able to build equity
  • 52% regret not being able to customize or improve their rentals
  • 50% regret that the rent is so high
  • 49% regret that they lack private outdoor space

These two studies prove that renting is just not the same as owning.

Bottom Line

There are both financial and non-financial benefits to homeownership. As good as the “financial equity” is, it doesn’t compare to the “emotional equity” gained through owning your own home.


Presented as a public service by:

 

 

Don’t Fall into the Rental Trap

Don’t Fall into the Rental Trap

Presented as a public service by Joe Peters of Coldwell Banker

 

62% of renters indicate they believe they are losing money by renting- and rents only continue to increase. Don’t fall into the rental trap! If you’re currently renting, let’s get together to explore your homeownership options.


Presented as a public service by: