How Multi-Family Homes can Target Both Boomers and Millennials

It may be hard to find too many similarities between baby boomers and millennials. These are two very different generations, but as the boomers start to downsize and millennials enter the real estate market, they have something in common. Both tend to lean towards the multi-family home found in a vibrant urban location.

Many boomers have decided the larger homes requiring maintenance are not for them. On the other hand, millennials have budget concerns with their first home purchase. Both are seeking a smaller home surrounded by culture including great dining options, plenty of shopping and wonderful entertainment choices.

Both generations are similar on this one thing, but they are also very different. If you’re looking to sell a multi-family home and you want to target both groups, you must understand how to do this. Here are some of the ways you can target both boomers and millennials with your multi-family property.

Know the Pain and Pleasure Points

It takes more than just a few decorating changes or amenities to make your multi-family property appealing to both generations. Many of these types of properties have been developed with Wi-Fi lounges and coffee bars to help bring in buyers. However, this isn’t the best way to go about it.

Both generations crave incredible internet access, smart home controls, plenty of storage, electric car charging stations and so much more. Of course, the open floor plan and plenty of flexibility have been favorites of both for quite some time, too. In addition, high quality fixtures matter, especially in the kitchen.

While boomers want a more rational design, millennials prefer a unique design with modern appeal.

Values of the Generations

The values of boomers and millennials are quite different, which makes it hard to target both with a multi-family property. However, it can be done, if you pay attention to the values of both.

Millennials love the vibrant lifestyle with more than just convenience and activity built into it. Social life is very important and unique amenities go a long way. Indoor rock climbing walls, happy hours, unique fitness options and shared car services are high on their list.

Boomers, on the other hand, want exclusivity. They want refinements and sophistication. Things, such as a doorman, valet parking and private lounges go a long way with this generation. They also want the on-call chef, wine storage rooms, spa-quality fitness and other fine things within the property.

The Budget of Both

A key consideration for both will be the budget. It’s different for boomers compared to millennials as boomers are looking to downsize and may be selling a larger home to pay for their new, smaller home.

Boomers often want the perfect spot to accommodate themselves, their grandchildren and guests. They may want to work at home on a hobby or even as part of their job. Larger units appeal to boomers more than millennials because they can afford to pay for them. In addition, they can afford to pay for high-end amenities and conveniences.

Millennials, on the other hand have fewer dollars to spend and don’t want as large of a unit. They will also make concessions on the quality of amenities, but love anything considered new and cool. They will give up space for better access to public transportation or amenities, such as pet daycare, fitness centers and smart appliances.

Understand the Commitment of Both

Boomers may be buying their last home of their life, while millennials may be buying their first. They are on opposite spectrums here and this is important to factor in.

Boomers will likely look to stay in their multi-family home for good, while boomers may stay until their family outgrows it or they can afford a larger home. While they are both very different, choosing a unit that will last is important for both. Millennials want to get the most out of the unit at resale, while boomers want it to last because they plan to stay for decades.

Why This Matters

Whether you’re a developer, a boomer looking for a smaller home or a millennial looking for your first home, this information matters to you. Understanding why a multi-family property would include certain services and amenities will tell you who they are catering to. As a millennial, you may not want to live in a building with mostly retired boomers. The same goes for boomers living in a building filled with millennials.

Developers want to attract the largest pool of buyers, so they may try to appeal to both. Make sure, as a buyer, you understand which generation the building is trying to attract and has attracted for the surrounding units. Remember, those living in the building will be your neighbors and you want to make sure you will fit in with the neighborhood.