Consider This When courting the growing group of new renters, there are a number of key issues apartment developers must address:
1. Where it’s at: With the possible exception of people with large families who would prefer space, location is a primary concern to many of the growing rental groups. Many baby boomers and echo boomers want to live near the action, whether it is in downtown areas or near mass transit.
2. Supersize Units: Renters across the spectrum seem to be valuing space more and more, and this includes the growing rental groups. Baby boomers will need space to fit many of the pieces of furniture they have accumulated over the years, while echo boomers may want to have roommates. Hispanics and other immigrants may need more space to accommodate larger households.
3. Money Matters: With the possible exception of well-to-do baby boomers, most new renters will be seeking affordability. In most cases, young echo boomers and immigrants won’t have the income needed to rent the luxury apartments in the market today.
4. Fewer Bells and Whistles: While most people would definitely want the business center, fitness center, and other amenities some properties offer, the question becomes whether new renters with limited incomes will choose these amenities in lieu of space and location.
5. Community Ties: With all of the new groups, and especially new immigrants, it can be important for them to feel as part of a community in strange surroundings. Because of this, apartment owners that can create a sense of community may have an advantage in marketing to these groups.
