About The Real Estate Group

The Real Estate Group (TREG) “Partners in Excellence”

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.

Millennials vs. Boomers: Tailoring Multifamily Homes To Today’s Twin Targets

What do Millennials, the laidback digital natives dubbed “Generation Me” by social scientists, have in common with the driven, disciplined Baby Boomers who spawned them?

Quite a bit when it comes to lifestyles. As Boomers downsize and Millennials finally enter the real estate market, both generations are gravitating towards the same type of housing: multifamily homes in vibrant urban areas.

Ironically, Boomers are opting out of large, high-maintenance homes at the same time their budget-conscious Millennial children are finally buying first residences. Both generations want smaller dwellings in culturally rich cities and suburbs, with restaurants, shopping, services, entertainment and public transportation nearby, notes realtor.com. Multifamily condos fill the bill for both groups.

Yet while each generation has broad similarities, they also have distinct differences. Since both cohorts dominate the multifamily housing market at the moment, notes the National Association of Realtor, builders and developers need to be spot-on in the multifamily housing they target to either age group, and strike an inspired balance of features and amenities in those designed to appeal to both.

Easier said than done? Not in the age of big data. From the analytics-driven research we do at ON Collaborative to understand what resonates with each market segment, it means taking a deep-dive into each generation’s wants and needs to develop hyper-local business plans that maximize each project’s sales velocity and price.

Here are the most salient issues multifamily developers must keep in mind as they design and build their offerings.

Know Each Generation’s Pleasure and Pain Points

Each generation places different demands on multifamily developments. It’s more than a matter of tweaking unit size or making interior design features, common spaces and amenities as impartial as possible. It’s critical to assess what each cohort needs and develop a site-specific mix of elements for each project.

To date, multifamily developers have relied on snazzy Wi-Fi lounges, complimentary gourmet coffee bars and lush community gardens to seduce both cohorts. It’s time to wake up. These features have gone from exceptional to conventional in the last five years. Instead, beefed-up basics and attention-grabbing extras now reign supreme. For both generations, the former means flawless internet reception, community directors, smart controls for HVAC systems, fitness studios to complement workout rooms, larger storage areas, state-of-the-art recycling, electric car charging stations and more. The latter—the extras that dazzle and woo—are singular to each community and analytics-driven.

But long before those extras come into play, we know Millennials and Boomers both favor open floor plans that foster flexibility and interpersonal connectivity; high quality fixtures and finishes—especially in the kitchen; lifestyle enhancing communal spaces and amenities; and pet friendly features such as dog runs and grooming areas. But Boomers favor traditional design features such as fireplaces and moldings; need space for hobbies and leisure activities; demand home offices that can double as guest rooms; and choose walkable communities with parks. Millennials, on the other hand, prefer sleek, unique design features; require affordability; prefer denser neighborhoods with edgy offerings; and need access to major transportation hubs.

For the complete article, please see the original article on Huffingtonpost.com, by clicking HERE.

About The Real Estate Group

The Real Estate Group (TREG) “Partners in Excellence”

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.