Community-oriented millennials are reshaping the apartment industry as America's largest generation.
“Community is really important,” said Lesley Lisser, Senior Director, Asset Management at Invesco.
As the number of millennials renting apartment homes increases, experts believe their choice of where and how they live will impact the future of many cities, according to an article by Real Estate Weekly.
Recent studies have shown that millennials are more focused on a socially conscious and community-oriented lifestyle. A study done by the Georgia Institute of Technology and the University of Illinois showed that young adults are still very much interested in city living, with “consumption amenities”—such as entertainment and culture—and transit access ranking high in importance.
A 2018 study by Harris Poll also revealed that 69 percent of millennials think that experiences allow them to foster a greater connection with friends, their community and the world.
Developers are taking notice of these trends and implementing more community-focused amenities in their builds. Take 235 Grand in Jersey City for example. The 549-apartment home community, created by KRE Group and Ironstate Development, offers amenities and events that cater to its young residents.
“Today’s residents require less living space and want more community space,” said Leasing Manager Brandon Ochs. “They have less stuff and spend more time doing things. We used to create big lounges and libraries and people would use them to work in. Now we are creating purpose built co-working spaces instead because a lot of our residents work from home and this type of community space is what they want.”