The conversation surrounding Millennials continues, only this time we are speaking directly in terms of marketing student housing. Since this population is in prime college-going age (18-34), it makes sense that those in the student housing industry would be so interested in the wants and needs of the people.
A recent study by ABODO shed some new light on just that, proving helpful for anyone gearing up for new students this spring. According to their findings, the millennial generation holds much higher expectations for tech-based amenities than others before. That includes features like fully-capable study rooms with smart boards, cyber cafes, and a strong Wi-Fi connection. The millennials are always on the go, whether it’s the demands of higher education, personal or professional life, they need the ability to stay connected in order to be successful.
Millennials understand, however, that these luxuries can come at a pretty high cost. As ABODO explains, “Despite views of this being the “Me” generation, they are conscious about what they’re spending and they like a good value in what they are getting for their money.”
Things to Keep in Mind When Marketing to Millennials
This clashing of demands has led to a surprisingly basic list of student housing must-haves. When asked which amenities ranked most important, the student’s responses were as follows:
- Available Parking: 78%
- In-unit Laundry: 67%
- Controlled Access: 60%
- Utilities Included: 54%
- Near Bus Route: 39%
- Balcony, Deck or Patio: 39%
- Large Square Footage in Unit: 39%
So as far as the wants of student housing’s target population, the results are in. Millennials are a bit of a mixed bag. They want (and often need) highly technical spaces to keep up with the growing demands of education and personal life, but they also recognize they are on a budget. The good news for property managers is that the top list of amenities according to ABODO seems to have relatively stood the test of time. Access to parking spaces, laundry facilities, and some form of outdoor space remain at the top of the list for anyone looking for their home away from home, all of which have been constant amenity preferences for decades.
Sure millennials may be more connected, conscious, and (honestly) conflicted than generations before, but at the end of the day, marketing to them can take similar shapes we are used to since we all seem to want the same things.