Changes in Multifamily for Millennials

multi-family

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.

 

 

 

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s