A new study has been published on the findings of what Millennial renters desire in apartments.
College students from around the country were surveyed to gauge their preference for amenities. Pricing and amenities data was analyzed for more than 1,000,000 rentals located within five miles of 494 U.S. colleges.
Some of the study’s key findings included:
- 96 percent of Millennials rated finding a property that fits their budget as most important.
- 75 percent rated the safety of the building and neighborhood as the most important.
- Millennials’ top three amenities included available parking, in-unit laundry, and controlled building access.
- High-tech amenities are incredibly important as well, including WiFi access, specifically, premium bandwidth.
Unsurprisingly, Millennial renters also were shown to want state-of-the-art fitness centers, high-tech study rooms, easy video streaming capabilities and other high-end apartment amenities.
The study shows that Millennials are shaping today’s current rental market because they’re one of the largest groups driving the economy.
Millennials’ earning and spending power has a distinct impact on the rental market. Millennials have continued to prefer renting as opposed to buying.
Multi Housing News