Which Future Residents Should You Be Targeting
Digested from Multifamily Insiders
As the demographic composition of the country changes, you may need to rethink who your future residents will be.
If you have spent the past decade working toward attracting Millennials to live in your apartments, it might be time for a change, according to Will Clanfield.
“The U.S. population is getting older and more diverse. Because of this, many warn that the apartment industry should be studying the expanding bubble of aging Americans—65 percent will be 35 or older in 2030—instead of strictly millennials,” Clanfield writes for Multifamily Insiders.
That does not mean you should abandon those from 18 to 34, which make up the largest demographic of Americans.
“Trends suggest that more young adults are renting than previous generations. Moreover, the growing concerns of student debt of the current young adult generation only further point to the attraction of the short-term financials of a rental situation,” Clanfield writes.
In the end, Clanfield thinks that apartment managers cannot be focused on one group. They need to market to people of all ages to be successful.