Here are some takeaways from Bisnow’s SoCal Multifamily Conference on May 22, 2014

1.  Shower Only:  50 to 75% of the tenants will accept shower only units.

2.  Internet Speed:  Millennials are very concerned with the speed of the available internet service.

3.  Online:  Millennials prefer to do as much on line as possible:  pay, process work orders, and rent.

4.  Work:  Many Millennials are working either part time or full time at home.  They like internet cafes,  conference rooms, and  offices to use or rent within the apartment complex.  The lines between live and work are blurring.

5.  Core 24/7 urban cap rates are sub 4%, and developers are building to 6% cap rates on un-trended rents.