Each individual has a concept of their perfect home – from the fittings and fixtures to the nearby facilities, to the distance to where one works and plays. Generation Y is no exception to this. If anything they are one of the fussiest generations to date, knowing exactly what they want and how to get it.
The most important must-haves for Generation Y or millennials as some call them are luxury accommodation, location, security, and niche amenities.
The current trend of living in hotel-like facilities has taken the millennial generation by storm.
Generation Y would much rather rent a luxurious style apartment, rather than purchase their own home.
Developers who are targeting apartments towards Generation Y, need to take into consideration the design wants as well as the needs.
The ideal apartment design for Generation Y residents will incorporate social gathering areas, high-tech finishes, and sustainable design with grand entrances and luxury décor which imitates a trendy modern hotel.
Lobbies, roof-top terraces and internet cafes within the apartment complex, creates luxurious and modern gathering areas which appeal to Generation Y.
According to a study by Multifamily Executives, Generation Y ranks high-tech equipment a key luxurious requirement in apartment living.
Thus their apartments need to be equipped with state of the art technologies and fittings, with strong internet connectivity with powerful connection speeds.
Bozzuto Group’s Jeff Kayce believes green living is a luxury item which Generation Y considers as a necessity, however many aren’t willing to pay extra for the service.
“Most renters will not pay for it, but do expect it,” said Mr Kayce.
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22 per cent of Generation Y consider location as their top priority when finding an apartment. The majority would rather rent a smaller dwelling close to the city, than a larger dwelling further out.
This has led to many Generation Y’s seeking inner-city apartments as their first choose for accommodation.
According to Realestate.com, 52 per cent of Generation Y indicated they would like to find an apartment in the CBD or surrounding fringe suburbs.
Daniel Argent from Urban Properties Brisbane believes there is definitely a high level of rental demand for inner-city apartments.
“There are a lot of people looking for two-bedroom apartments that are close to shopping and transport,” Mr Argent said.
“With such high demand we find that most of the properties in inner city are tenanted within two weeks of listing.”
Generation Y seeks an urbanised apartment located in a short distance to their place of study, work and/or their hobbies and recreational activities.
Niche amenities has continued to stay as a priority from one generation to the next.
Generation Y are seeking nearby or in house amenities to cater for strong need for sustainability and natural spaces. Bike storage and repair shops, pet wash areas and dog parks, places to grow their vegetable garden and plants, nature parks and wildlife areas, nearby farmers markets, and relaxation areas to practice Yoga, Pilates, and/or Zumba.
Fitness has become a key consideration for Generation Y when purchasing an apartment with Generation Y considered the most active generation yet. Millennials like to keep physically active through social sports or gym memberships.
According to Apartment Guide, 83 per cent of residents are seeking a fully equipped fitness centre with more than just a few treadmills.
Mr Kayce said apartment fitness centres have become more than just a few treadmills, with residents seeking fully equipped facilities and 24 hour access to suit their busy lifestyles.
Security is a prime priority for Generation Y, as they venture into independent living.
Generation Y are seeking security not only within their apartment complex, but also in the surrounding areas.
According to Apartment Guide, the three most prioritised forms of security which Generation Y seek while considering an apartment to rent or buy includes well-lit parking lots and streets, controlled access entries, and gated residencies at 19, 17 and 13 per cent respectively.
Developers should take into consideration the need for high level security – home security systems, peep holes, door security, surveillance cameras, high-wattage sodium lighting and parking lot security or fencing.
All of these aspects will be the deciding factors that will seal the deal or drive the millennials onto other more appropriate accommodation that fits within their needs and wants.
