Use These 4 High-Tech Amenities to Attract Millennials

By Alicia Geigel on October 19, 2017

Today, millennials are slower to become homeowners than the generations before them. This is the case for many reasons, one being the increasing rise of millennials with student loan debt, making it difficult to accumulate enough money for a down payment on a home plus a mortgage.

According to Adrienne LaFrance of the Washington Post, “from 2009 to 2012, according to the Federal Reserve Bank of New York, the portion of people under 30 with more than $50,000 in student debt doubled from 5 percent to 10 percent. During that same time, the homeownership rate fell twice as much for 30-year-olds with student loans as it did for those without such debt.”

This unfortunate growth of student loan debt has contributed to the increase of millennials renting properties longer and waiting to buy homes, which means that the standard and expectations of condominiums and apartments are having to adjust to the wants and needs of a growing sect of renters.

With technology constantly advancing and growing yearly, it is important to keep track of new amenities you can offer in your property as a means to appeal to and please prospective and current tenants. If you are a property manager or realtor looking to appeal to renters and tenants now and of the future, check out my top four high-tech amenities to include in your properties!

1. Energy efficient appliances: Among millennials, there is a general consensus that the climate is changing and because of that we should be energy efficient. Including energy efficient appliances in your property units will not only attract renters but it will also show current or prospective renters that you are mindful of the environment. These kinds of appliances also save money, which can also appeal to millennials as many are trying to be cost-effective due to student loans.

According to Justin Rogers of Rescour.com, Gen Y is on the lookout for the “Energy Star” labels on washing machines, dishwashers, and refrigerators. So in our opinion, it’s worth the splurge for multifamily properties to avoid being edged out by an eco-friendlier option.”

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2. Smart controls: With technology advancing at a rapid rate, the growth of “smart” products are becoming increasingly popular. Items like Smart TVs and smartphones allowed for the expansion of more smart products. One way to up the technology in your units is to have smart controls for the HVAC system.

Rogers suggests that controls like Nest, “[have] the ability to self-learn from the household habits and can be controlled from your phone.”

Though Nest can be costly, it is a small, smart, and modernized luxury that can not only appeal to new tenants but also vamp up your unit!

3. Online everything: In an age where the internet is used more frequently than not, many millennials prefer to do most of their transactions online. As a means to make interactions simpler and to appeal to your younger renters, make it possible for future tenants to lease online, submit payments/bills for rent and utilities online, as well as request maintenance help online.

Being able to handle bills online was a huge burden off of my shoulders when I was renting an apartment, and automatic withdrawal from my bank account made it even easier to keep track of when my rent was due. This technological update is not only a luxury for tenants but also a convenience that saves you the hassle of a bunch of paperwork and dealing with tedious phone calls all day!

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4. Electronic locks: Having a regular deadbolt lock with a key is nice and all; however, if you are looking to spice up your units with some form of advanced technology, electronic locks are a good way to go!

According to an article by Polkcpa.com, “With more than 40 percent of students surveyed already using a keycard or fob instead of a traditional key, it’s expected the multi-family market will experience an influx of resident applicants who prefer the benefits of a keyless lock.”

Look at it this way too: key cards are easier to manage and you can even have a sign-in system for guests using a guest keyguard, helping you keep track of those in and out of your property.

Image via Pexels

Though it may be tough to try and keep up with the demands of new, younger tenants and the advancing technological products in the market, there are easy and small ways to upgrade your units and property without breaking your budget. Remember that one of the great elements of technology is that while it does progress and update constantly, the main goal is to make your life easier and assist you in whatever issues you could possibly need help with.

Also, never forget you have to crawl before you walk and you have to walk before you run. If you take these small baby steps to upgrade your property, I have no doubt that future tenants will be dying to get a place of yours!

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