Taylor Morrison, a Scottsdale, Ariz.-based builder of condos and townhomes for first-time buyers, found that these same amenities also draw older single women. “The golf amenities and country club lifestyle that we originally marketed were not as effective [for] older single women,” says Arianna Barrios, marketing director for the Western region at Taylor Morrison. “They weren’t ready for the retirement community.”
But developers can’t dismiss in-unit touches, either. Smith of Bozzuto says women prefer clean lines, natural light, and storage space. “You can’t put in a 30-inch vanity top and think that’s going to be adequate for a woman with a lot of cosmetics and hair appliances,” she says.
On the exterior, both Kannan and Smith note that most building design is done by men. Kannan sees lots of glass and steel in high-rises, for instance. “In most cases, high-rises are very muscular looking structures,” he says. “It’s a very male approach to design sensibilities.”
Single women still face stigmas in the leasing office.
Unfortunately, even if all the stars align with the right market, message, and product to pique the interests of single women, there are a number of misconceptions about their social and behavioral needs. For one, an undercurrent still exists that single women need help when they arrive in the leasing office. In some cases, this may manifest itself in the form of an on-site manager wondering if a woman can rent a unit on her own. So he asks if she’s married before she fills out an application.
But the numbers would contradict this stereotype. “The number of women going through college is higher than men, and [the number] going through grad school is [also] higher than men,” says Christy Freeland, CEO of Riverstone Residential, a Dallas-based apartment manager with approximately 200,000 units nationwide.
There’s also a perception that single women are gullible—that they can be suckered by a wily contractor. “When they think of single women, they picture the woman who takes a car for an oil change and gets duped into $1,000 worth of repairs,” Shoemaker says. “That’s an unfair characterization of single women. They’re smart. They’ve done their research. They probably know more about your floor plans than your salesperson.”
Yes, some women tend to prefer homes where they don’t have to worry about maintenance and upkeep. But Shoemaker says this isn’t the case, citing a recent planning meeting with female customers. At the meeting, one resident invited the other back to her place to learn how to drain a hot water tank. “She had taught herself on line,” he says.
Horton of Be Jane agrees, noting that there’s an $80 billion female DIY market. Of course, women won’t be doing a lot of DIY work in apartments, simply because they don’t own the unit. But if a rental owner can offer some customization abilities, it may help them compete with the for-sale market. “I would push for modifications that women want,” Horton says.
BY THE NUMBERS
Single women have emerged as a powerful financial force in the U.S. economy. The numbers tell the story.
U.S. single women ages 20 to 34 (about 50% of the age group):
14.9 million
SOURCE: U.S. CENSUS BUREAU
Single women renters, all ages, who are heads of households:
6.7 million
SOURCE: U.S. CENSUS BUREAU
Women’s annual spending power (83% of all consumer spending):
$4 trillion
SOURCE: WOMENCERTIFIED
Private wealth expected to be attributed to women by 2010:
$7 trillion
SOURCE:IN THE POWER OF THE PURSE(PEARSON/PRENTICE HALL, 2006)
Women, ages 25 to 29, who had a bachelor’s degree or higher in 2007 (vs. 26% of men):
33%
SOURCE: U.S. CENSUS BUREAU
Women who earned $100,000 or more in 2001 (vs. 242,000 women in 1991):
861K
SOURCE: EMPLOYMENT POLICY FOUNDATION
No. of home buyers in 2006 who were single women:
22%
SOURCE: NATIONAL ASSOCIATION OF REALTORS
