How Millennials Are Saving Real Estate Rentals
From department stores to diamonds to bars of soap, millennials have been credited with killing dozens of industries and brands. But it’s not all bad news: this forceful group also has the power to reboot and save a product or idea – like the rental industry. Millennials are expected to be America’s largest generation by 2019 and will continue to need what multifamily and self storage providers have to offer.
Let’s recap what makes this generation so influential to marketing strategy. Technology is second nature to this group, and they have pushed marketers to reach them where they spend time – online. They are socially conscious and are driven more by what other millennials (and the greater consumer group) are choosing to buy, rather than celebrities. Millennials are loyal to authentic brands, but aren’t afraid to shop around for discounts, coupons, and the very best deal. They research everything from a new apartment to toothbrushes.
What do these millennial buying habits mean for the multifamily and self storage industries? We’re glad you asked.
How to Market Multifamily Communities to Millennials
The oldest millennials are now in their mid-30s and are beginning to buy homes. However, this still gives us access to a significant group of young consumers that prefers to rent. The younger half of the group will continue to rent as they begin their careers, especially those burdened with paying off student debt. The amenities and features that multifamily communities offer are also influencing the type of homes that millennials are choosing to purchase. They are skipping the standard starter home to purchase a newer, nicer, more expensive home. This may be because they are accustomed to upgraded interiors and maintenance-free living.
Knowing this, it’s important to continue to offer upgraded interiors, amenities, and community features, especially those that are tech-driven. Here are two easy ways to boost your marketing reach:
- Offer a complete experience – from video tours to leasing – online. Millennials think text messaging is the most immediate and preferable form of communication. Make sure there’s an option to text you or use an online messaging app.
- Incorporate live stream and videos on your website and social media accounts.
How to Market Self Storage to Millennials
Millennials have the highest usage of storage and rank second in terms of total storage users. Self storage has been especially successful with millennials in areas with substantial job growth. As a need-based product, self storage works well for millennials’ transient lifestyle. As renters, many are living in smaller spaces in urban areas and are using storage as a long-term solution for lack of in-home space.
There are several ways to market self storage specifically to millennials. This group is focused on location, competitive pricing, and the ease of doing business. If you are close to a large multifamily community, make sure that’s advertised on your website and that you have a good working relationship with the community. Next, take a survey of your local competition to keep your prices up-to-date and within the local range. Most importantly, be visible online and make the leasing process immediately accessible.
Reach New Renters with G5
Millennial buying habits have changed the scope of consumerism and marketing. Stay on top of the latest trends to reach new renters where they spend time online.
Schedule a demo to learn how G5 leads the field in real estate marketing optimization.