Multifamily Demand Reaches Beyond Millennials and Boomers
Ask most people working in the multifamily industry about demand for their communities and many will say there are 2 basic and key demographic segments: Millennials and Boomers.
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But, a recent Multifamily Executive article by Stacy Stemen notes that even though those groups generate significant demand, there’s a third, sometimes overlooked, demographic in the demand equation: divorced people.
And, it’s a population that shouldn’t be ignored by multifamily marketing given that almost 50% of marriages in the US end in divorce. One or both of the individuals involved in a divorce are likely to move back into rental housing.
Have you taken this market segment into consideration in designing and marketing your property? Have you considered what amenities and/or features would make a property more attractive to this third demographic? Stemens suggests incorporating the following elements in a property to attract the third demographic:
- Include child-friendly amenities — You could become a divorced parent’s top choice with this one item alone! Parents want to be able to provide a “sense of home” as well as gathering places for their children so you’ll see real interest in community spaces, pools and party rooms as well as fitness center/playroom combos.
- Focus on walkability — Millennial and Boomer consumers are known to value easy access to the surrounding area’s amenities — and divorced individuals value both the sense of community and the need for easy access to schools, shopping and employment centers.
- Incorporate on-site services — Services can range from time-saving items such as concierge services, on-site dry cleaning and in-house housekeeping services to activities including movie nights, wine tasting events and other engaging activities that encourage social interaction and reduce the time needed to go off-property.
Wondering how to effectively communicate these demographic-friendly elements? Talk with us about SalesTouch — CPS’ interactive touchscreen system designed to showcase your property, features and amenities!