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Posts Tagged ‘urban land institute’
Where am I supposed to live?
June 30th, 2009
I don’t want to buy a house, since I don’t know what I’ll be doing a year or two from now. An apartment, a condo or maybe a town home with charm is what I’m looking for. I don’t want anything that looks like my grandma just moved out, but something nice. I don’t want to take care of a big yard either - I have too much other stuff going on. Do you have anything like that?
Is your community appealing to young professionals who are coming to you sans children? Are you thinking about the needs of those who are fresh out of high school or college?
According to the Urban Land Institute, Millennials are the largest generation since the Baby Boomers at 75 million strong. They also say my generation is, “making a mark that is as different as it is powerful.” So, what does that mean? Industry experts suggest that Millennials will want housing that reflects themselves: unique, diverse (about 39% of this generation is non-white), social, and green.
What do Millennials want?
Millennials want something that they can handle. Most do not have the money to fix up an older house. Instead, they want something they can move right into, where the only improvement is a new coat of paint. Also, these potential buyers or renters are usually in entry-level positions without a large amount of job security. They might feel buying a house does not make financial sense if there is a possibility of moving on in a few years.
So, what can you do to attract young buyers or renters to what you already have? 
- Rent your house instead of selling it. Many college students are used to renting a house or apartment with friends while in school. They might love the idea of still being able to rent, but living in a larger space than an apartment can provide.
- Critically looked at your place from the outside, as well as the inside. Try taking pictures of different rooms and from the curb. Once you have them in front of you, ask yourself, “If I was coming here for the first time on a limited budget, would I like what I see?”
- Invest a couple hundred dollars in small projects like paint, accessories and a little landscaping. You would be amazed at the difference. Check out HGTV for great shows about updating your place on a small budget.
What can a developer do to invest?
- Consider rehabbing an old building. It is probably brick, which younger people often love to have exposed in their apartments. The building will come with a character and attitude of its own. Plus, it is a great green alternative to new construction.
- Build as close to the action as possible. The last thing young people without children want is to be on the edge of suburbia. Try and get them as close to food, shopping and entertainment as possible.
- Think about green investments. Research says that nine out of ten Millennials care about sustainable design. It may be possible to attract more young people to your house or complex by boasting the greenest facilities in town.
Most people know that Millennials are socially different from other generations, but do communities understand that they also looking for different housing? I believe that creating certain types of housing in smaller communities will help lead my generation back. As Kevin Costner says, “If you build it, they will come.”
Photo credit: Anthony Easton:Flickr
Tags: curb appeal, Housing, millennials, Rehab, renting, urban land institute, young professionals
Posted in Community Development, Gen Y, Housing, Rural | Comments (2)