Ensuring that your community is ready to meet the diverse needs and wants of a changing generation can seem overwhelming. Still, as the demographics of homebuyers begin to shift, your community needs to be prepared. Millennials are getting older, and at more than 83 million people, represent a quarter of the U.S. population. As a board member of a homeowners’ association (HOA) or condominium association (COA), it’s time to think about how to market your community to this demographic of homebuyers. Amenities, school districts, and walkability are just a few of the factors this generation is looking for when buying a home. To help you get started, we've identified four ways to make your community more attractive to Millennials and their families.
Who Are Millennials?
Anyone born between 1981 and 1996 is considered a Millennial. This group is nearing age 40 and is on pace to become the largest living generation. There are some common characteristics this generation is known for, including:
- Highly educated
- Want instant gratification
- Care about the environment
- Demand authenticity
Are Millennials Buying Homes?
While many Millennials have been slower than Baby Boomers to own homes, many Millennials are entering the home buying market at an increasing rate. Some reports show that homeownership for Millennials is on the rise, and many are predicting they’ll help propel the housing marketing in 2020 and beyond.
Why Millennials Matter to Your HOA
Communities should be prepared to meet the needs of Millennials or risk losing out on potential buyers. Likewise, working now to prepare for Millennial families in your community will help increase the curb appeal for home sales and provide more unity for all residents.
4 Ways to Market to Millennials
If your community wants to market itself as a Millennial-friendly option, here are four things you’ll want to focus on.
1. Offer an Experience
Millennials are known for prioritizing experiences over material goods. They’re looking for more than just a house and place a higher priority on amenities like pools, walking paths, and other experiences they can share with friends and family. Consider offering an in-person tour of your community where you can showcase your lifestyle-centric amenities that’ll help promote a positive work-life balance for your newest residents.
2. Invest in Technology
It's no secret Millennials are tied to their phone, and to reach them, your association will need to embrace technology. Utilize community websites and apps, such as TownSq. These technology solutions can help you communicate quickly, offer easy payment services for things like dues, and can even provide additional features such as amenity rentals and package locker codes.
3. Get Social
Look for ways to build up the marketability of your community by offering additional ways people can become involved and socialize with their families and even pets. An excellent place to start is by creating a welcome committee to help introduce new residents to everything your community has to offer. Don't be afraid to get creative with the types of events your community offers. Ideas for new events include:
- Pet events
- Movie at the pool nights
- National night out events
- Easter egg hunt
4. Go Green
Going green is more than a buzzword for this generation. Communities with walkability near public transit, ride-sharing areas, and trails are important features this generation seeks. Environmental concerns also rank high for Millennials, and communities that prioritize the environment are more likely to win their hearts, minds, and wallets. For your community, take a look at what can be done to become more environmentally-friendly for future generations of homebuyers. Consider looking for opportunities to re-use and recycle, expand green spaces, provide community clean up days, use renewable energy and water-saving programs, and install electric car charging ports.
Learn More About Community Marketability
Want more ideas on how to increase the marketability of your community? Check out our free ebook, "Community Marketability: How to Attract New Homeowners to Your Community," for actionable advice on how to attract new homeowners to your association.