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Multifamily Property Owners – 5 Things Your Early 20s Tenants Want

February 24, 2012 Leave a comment Go to comments

Many multifamily property owners choose to make them apartment complexes more 20s friendly. This is especially true for units located in areas very close to colleges. College students need housing, and many don’t want to live on campus.

5 Things Your Early 20s Tenants Want

It may even be more affordable for them to live off campus with roommates. In these cases, it’s important for the multifamily property manager to know what amenities attract this age group. Then, they can properly market those amenities to 20s renters to fill their rental vacancies.

5 Things Early 20s Want in Rentals

This age group is filled with people who are moving away from home with their parents. Some are going away to college. Others are just ready to make that next step towards becoming an adult. Either way, they are looking to rent in a social environment that caters to their wants and desires. Here are five things 20s tenants want that will attract them to your complex:

1.      Other 20-somethings – Tenants in the early twenties want to be around other people their own age. They want the complex they choose to live in to resemble dorm living or frat house life. They want to live around folks that believe in socializing, parties, bar-be-ques, dating, etc…

2.      Close to Bars – This is as much of a necessity as it is an amenity in the eyes of the early 20s. Typically, this age group, especially the ones attending colleges and trade schools, enjoys drinking. But, unlike other age groups that are okay with drinking at home alone, they use it to socialize. Restaurants are okay. But, they want entertaining drinking at places like bars, pool halls, dance clubs, etc… If your complex is near bars, make sure your potential 20s renters know.

3.      Large Spaces – These youngsters want luxuries and amenities. They need big spaces to accommodate their large TVs, video game systems, oversized beds, computer accessories, and of course three roommates. They always seem to have roommates because that’s how they’re able to afford so many luxuries on their college student salaries. They’d rather live like this than to rent a single or bachelor apartment alone. Market your smaller spaces to the ones who want to live alone. To the ones coming in to view the units as roommates, make sure to point out the large livingroom, closets and patio.

4.      Noise – Yes, that’s right. I said noise. Twenty-something renters don’t like quiet apartment buildings. They are, in general, noisy with their visitors, video game tournaments, loud music, surround sound TV systems, etc… They don’t want to live around neighbors that will complain or call the police about their noise. So, they have a high tolerance for neighbors who are also noisy.

5.      Convenient to Work of School – Although many 20s renters would like this amenity, it’s not as important to them as to other age groups. These young adults will take two hour train and bus rides, even sit in traffic for three hours everyday to get where they need to go. They can even do it while nursing last night’s hangover, to live in a rental community they find to be fun and entertaining. But, they will always consider it an added bonus if their home is conveniently located near the job or college.

Market to 20 Somethings Their Way

What someone in his or her early twenties wants in a home is nowhere near the same things a retired person wants. If your apartment complex caters to 20s renters, then your management should be marketing to them as well. Be sure to know what they are looking for. If you offer it, it’s vitally important to make sure they know you do. You multifamily property managers need to know what your early 20s renters want in their rentals.

Reprint from Melbourne Florida Real Estate Blog        Author – Paula Henry

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Categories: multifamily, Uncategorized
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