What Manhattan Property Management Companies Should Know About Millennial Renters

It has been said that the millennial generation is one of renters.  There are plenty more in the generation that are looking to suspend home ownership in lieu of renting.  Manhattan property management companies have to adjust to this generation's notions of purchasing property and should ask the tough questions as to what exactly are Millennials looking for in a rental property?  According to a survey by J. Turner Research titled A New Lease On Millennials we may have some answers.
According to the survey, the main factors that affect a rental decision are location, quality of amenities and price point.  Survey takers also took into consideration commute times for work, proximity to public transportation value of the property and the condition of the underlying rental unit.
Amenities have become a prime consideration for renters.  We have seen many units staying vacant because the unit did not match when it comes to amenities-wise other units in the specified location with comparable price points.  Features such as including a washer and dryer and having access to outdoor patios have become important for renters.  For building managers in New York City, upgrading your pool or on-site gym should become on your to-do list if you are expecting to attract more millennial renters.

With millennial renters becoming a bigger percentage of the New York City rental market, property managers should start taking note of what the market is bearing and begin to feature additional features that younger renters are looking for.  While some things may not be possible at the property it is easy to upgrade existing "convenience" items.  Remember it is an investment and although it seems costly now, you can potentially retain a tenant that will be with you for many years to come.
It is estimated that there will be close to 80 million millennials moving out in the next few years.  With that knowledge it is important to start adapting to these renters attitudes towards renting and being developing a strategy to lure the highly valuable millennial renters for the future.

 Blue Harbour Property Management is a full service NYC property management company servicing the boroughs of Queens, Brooklyn, Manhattan and the Bronx.  Whether it be a 1 bedroom condo or multi-family building we are able to assist our clients maximize their investments.

http://www.blueharbourpropertymanagement.com/manhattan-property-management-companies-know-millennial-renters/

Millennials Have Increased Their Percentage of the Homeownership Market

First time home buyers are entering into the market in droves and the percentage has increased for 2016.  There are more than 75 millennials and they have become the most populous group in the United States.  Many young households delayed buying homes after the 2007-09 recession, which sent unemployment up to 10% nationwide.  Then the accompanying housing crash dragged down home values, making houses seem like a risky investment.  Now it appears that they are ready to enter the market as the economy has rebounded and job opportunites has increased.

According to a recent article at NorthJersey.com “Other people held off buying homes as they completed their educations and struggled to save for down payments in the face of student debt and high rents. Those delays may be one reason the median age of first-time buyers surveyed this year by the NAR rose to 32, up from 31 in the past five years.  The market has rebounded with first time homebuyers as well.  The amount of purchasers that are first time has increased 3% from 32% in 2015 to 35% in 2016.  Millennials are increasing looking for homes in the suburbs as they begin to have families and careers become more stable.  For more information click here.

As indicated first time homebuyers are part of an entire eco-system.  First-timers purchase and allow sellers to purchase newer or pricier homes.  The purchase also affects the home improvement and improvement supplies industries.  This also will affect the property management industry as sellers may invest in real estate to offset the gains they will receive on the sale of their properties.  Although this is a nationwide survey, it will definitely affect the New York City metropolitan region in a positive light.

http://www.blueharbourpropertymanagement.com/millennials-increasing-homeownership-market/

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