Millennials have tremendous purchasing power today, and many are putting their hard-earn cash toward starter condos. As a real estate developer or investor, you must appeal to your target market. Here are some of the amenities millennials are demanding.
For millennials, it’s all about location, location, location – especially in urban settings. They want to walk to restaurants, shopping centers, and convenience stores, and they demand easy access to public transportation and healthcare facilities. A pricier but more conveniently located condo is more appealing to a millennial who wants to get away with not having a car.
Safety and Security
Millennials are attracted to condos that boast higher-than-average safety features, such as gated parking garages, key-card entrances and 24-hour guards. These features also keep crime rates low on the property, which draws even more prospective residents.
Many millennials are pet owners, either with or without children. For these people, their first requirement is for pets to be allowed. They also want the property to cater to pet owners with an on-site dog park or public park nearby.
Recreation and Fitness Facilities
Millennials want to stay fit without paying for a separate gym membership. That’s why an on-site gym or pool is so appealing to them. Even an enjoyable outdoor area with sidewalks, grass and trees set away from the busy street is perfect for jogger and dog-walkers.
Private Outdoor Space
Green common areas are nice, but millennials want a place they can grow flowers and enjoy a cup of coffee in their pajamas. A private balcony for each unit is the easiest way to provide this amenity. Large windows overlooking a park or greenspace are also desirable to help bring the outdoors in.
As with homeowners of any age, millennial condo dwellers want a kitchen they can cook and bake in with ease. However, rather than a grandiose kitchen for entertaining in, condo residents prefer a compact design, so more square footage can be devoted to the living room.
Open Floor Plan
This trend seen in homes also applies to condos. Walls shouldn’t divide the living room, dining room and kitchen. That way, these spaces feel larger, have more design flexibility, and can serve as a single space to mingle with and entertain friends.
Mobile and Wi-Fi Signals
There’s no doubt that millennials are one of the most connected generations of the day. Young working professionals need a strong cell signal in their condo, and free Wi-Fi in common areas is also a plus.
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