Millennials are transforming the urban lifestyle and prompting cities to grow faster than suburban areas for the first time in 100 years. Millennials know what people have always known about cities: they're ideal places to mingle, work and enjoy uncomplicated access to upscale goods and services.
Before you build a new condominium community or change an existing condo complex to attract renters and owners in the millennial age bracket, take some time to determine the amenities and features that best suit your location, budget, and target market. Most developers can't add all the things, so choose your projects carefully using the following criteria:
The local scene
Which features attract millennials to live in the area where your units are located? Many towns have colleges and university medical programs that attract professors, doctors, and students to certain neighborhoods. Your area may be an industry headquarters or ski vacation destination, or it may be known as a family-friendly urban location with good schools and shopping. Create amenities that are appropriate and sought-after for your specific district.
If there's an art studio nearby, create a large, well-lit, utilitarian space where students may paint, sculpt, and create. This studio saves the condo interiors from art-project damage and is simple to implement. Add extra touches including easels, tables, kilns, projectors, and secure artwork/material storage and word of mouth will bring artists to your condo development in droves.
If bike lanes zip past your condos, provide plenty of storage for bikes. Recent research shows a 5% to 10% premium in some areas for properties adjacent to bike lanes. Take advantage of this interest in pedal-powered travel if you're fortunate enough to be accessible to safe bicycle routes. Sponsor neighborhood cycling events or implement a bike rental program.
The missing things
Do some research to find out which millennial-oriented amenities are lacking in your area. Ideas for missing amenities include the following:
- Yoga and dance studios
- Charging stations for electric vehicles
- Reliable cellphone and wi-fi service
- Music and video studios
- Movie theaters and virtual-reality spaces
- Coffee shops and cafes
- Day care centers and playgrounds
Attract interest to your condo by offering amenities that are unique to your residential zone. Provide superior support for your special programs with sound condo association management and adequate funding. Build trust and loyalty through "community-amenity outreach."
Flexibility and sociability
Take flexibility into account with all new spaces you develop. If your business center is hopping with work-at-home millennials by day but is a ghost town at night, turn it into an evening gaming center. Your courtyard garden can do double duty as a community social spot with proper landscape plans and the addition of tables, a fire pit and a BBQ station.
Millennials need ample spaces where they can socialize, so create modern, flexible areas for parties, meetings and other social gatherings. Include an adjacent kitchen for catering and party prep. Invest in quality kitchen equipment and the space can later become a commercial bistro or wedding venue. The kitchen may also be used to offer cooking classes or as a space to film cooking videos.
Remember to implement green initiatives in any new project. It's easy and fun to add features including power-conserving light fixtures to community spaces. For example, install LED lighting to accent your condo's indoor social areas and building exteriors. Your condo then changes colors for special occasions, and your residents get to add some magic to their get-togethers. Everyone practices sustainability while brightly celebrating life. For more information, contact companies like MacPherson's Property Management.