A new generation is ready to dominate the Multifamily market! Since the start of the pandemic, Gen Z (those born between 1997 and 2012) began surpassing Millennials as the largest renter cohort, according to a recent Cushman & Wakefield report. By 2030 this cohort will be the largest segment in the market.
Gen Z’s preferences — influenced largely by the pandemic’s impact on daily living — will shape the future of apartment living. As rental housing continues to be a lifestyle choice for many, Gen Z’s impact will help influence the amenities, location, and style of apartment communities for years to come.
As you envision future projects, it’s time to start thinking about how you can appeal to this generation’s lifestyle. According to the National Apartment Association, the top 10 amenities Gen Z looks for when selecting an apartment are below.
- Guaranteed parking
- Shared outdoor spaces
- High-speed internet connection
- Walk-in closets
- In-unit laundry
- Co-working spaces
- Security and control features
- Packaging room
- Hardwood floors
With rental prices rising, Gen Z expects high-end products and living quarters. What does this mean for you? The opportunity to upgrade your storage and organization solutions to satisfy your residents’ demands.
Your residents are tired of small closets with wire shelving and are seeking a better solution that is more customized to their lifestyle. The difference can be substituting the typical wire shelving with an adjustable storage system. Organized Living’s freedomRail® is the only truly adjustable storage system available on the market. It provides the look and strength residents expect. freedomRail has up to 50% more steel with quick and easy installation with minimal tools. This storage system allows residents to move the components around to fit their storage needs.
Also influenced heavily by the pandemic are co-working spaces in residential buildings. As older Gen Zers transition from college students to full-time employees, remote work has become the unusual standard. This new standard has a lot of Gen Zers looking at their living spaces differently and seeking multifunctional rooms. If your building has a lobby or unused recreational room, these could be revived rooms by adding chairs, tables, and desks.
Amazon, Facebook, Instagram, TikTok, and Google make online shopping even easier to do. Residents want to feel confident knowing their packages make it safe and secure. A quick fix to this is utilizing unused space near building entrances. Add a video security system, intercom system, and shelves for a successful package area. Our full breadth of product lines has the capability to fit the space and size your building may need.
Whether your developments are urban, suburban, or rural, creating units that are right for today’s residents puts you ahead of the game. To learn more about how Organized Living and our product line can satisfy your residents and grow your profits, contact Kyle Wilkins, Director of Multifamily at 513-277-3714 or [email protected].