An emerging trend in real estate development involves a shift in focus from the traditional and status quo to appeasing the new aesthetic and considerations of those of the millenial demographics. As millenials continue to age into considering property purchases some real estate agents are shifting their approach in selling to this particular market.
According to a recent article from BloombergBusiness news, devising property with the millenial set in mind is becoming commonplace.
One great example of a firm that pays particular attention to this new demographic is Timberlane, a real estate development firm based out of Seattle and Los Angeles run by two thirtysomethings.
The co-founders openly explain their current strategy. They purchase properties based in up and coming neighborhoods, then rejuvenate the property, institute a rent hike and then appeals directly to this young demographic.
What sets this enterprising firm apart from others is their attention to detail. They take care to find out what elements will make these properties more appealing to potential buyers. Whether it’s highlighting the bars nearby, or approximating historically accurate renovations in the building or adding a state of the art gym facility for young people focused on maintaining their health and wellness.
The video below describes why it makes sense for real estate developers today to really understand the purchasing wants and habits of these new owners by the numbers.