The Importance of Flexible Leases
How the growing millennial demographic may be dictating rental trends in 2015 and beyond
As millennials continue to enter the workforce and, subsequently, seek out appropriate housing, apartment communities may need to revise their operations to adapt to this growing rental segment.
Millennials have come of age during one of the biggest recessions in history. That has affected their ability to obtain employment, establish housing and start their adult lives. It’s no surprise, then, that they will follow the growing workforce segment to retain a competitive employment edge, notes Michael Brown, division vice president of Camden Property Trust, to GlobeSt.com. This somewhat nomadic trend should be reflected in apartment community leases, as more prospective residents are likely to want more flexible terms so they can move freely as needed.
Another factor affecting apartment communities in the near future will be climate change. As rental demand increases, with millennials not likely to seek homeownership as early as their parents did, new construction will need to increase to supply the growing demand. Construction companies operating in areas experiencing significant weather pattern swings should be prepared and adjust construction schedules accordingly to avoid costly delays.
Flexibility also is needed to adapt technology for resident interaction and community promotion. Property managers should make sure their operations reflect the growing interest in ecommerce and social media engagement.