Here’s a hint: they look for community. AREAA Chicago hosted an event gearing towards millennial marketing and how this generation is rapidly affecting the housing market. Those who attended saw two panels, one of younger members of the generation, and another of millennial-marketing professionals.
Both panels reiterated a consistent message when describing what this young generation looks for in their first home, or any property for that matter— it’s not what’s in the property but what’s in the neighborhood that matters most. As self-described social capital individuals, these young homebuyers are examining the community around their prospective home more than anything else.
What can a REALTOR® do with this information?
- Gather information about what is in the close vicinity of the next apartment showing.
- Talk up nearby parks, restaurants, and recreational opportunities like movie theaters, bowling alleys, festivals, and bars.
- Think about what makes city life special and what draws people, particularly young people, to look for homes in Chicago.
What features in the community are most important to Millennials? The proximity of gyms and bars. Both buyers and REALTORS® reiterate the accessibility of the local social setting to what clinches a home sale and how helpful a REALTOR® can be to their Millennial client. If being green is important, look up the nearby grocery stores (Trader Joes is a big hit) or the closest parks. Social epicenters like Wrigley Field serve as bonus neighborhood amenities that typically top whether or not an apartment has a recently renovated kitchen.
It’s best to remember, the hottest real estate commodity with this generation is community.