Some believe Millennial renters don’t view their homes the way earlier generations did.
Trend spotters say many consider their apartment their bedroom, the restaurant on the first floor their kitchen, the bar a block away their recreation room and the park a quarter mile distant their backyard.
They are willing to sacrifice space in their individual units, as long as these options are available, and their apartment buildings also offer appealing co-working and co-living spaces ideally designed for socialization.
To cater to that kind of renting philosophy, buildings in highly coveted rental markets are being redesigned, repositioned and rebranded with Millennials in mind.
For many, co-living is a matter of necessity as much as it is a personal preference.” Communal feel
Another reason the trend continues growing is that many Millennial renters experience the communal feel of co-working spaces in their workplaces, Verschleiser says.
“For young renters communal amenities like a fitness center or office space are also attractive because of the time-saving component,” Verschleiser says.
Having an office or communal work space in their building gives them an outlet to get work done in peace.” Millennials and Generation Z Whether Millennials will continue being agreeable to sacrificing private in favor of public space is up for debate.
“With that in mind, I think with maturity, marriage and family commitments, private space will once again become their preference,” he adds.
They very well may be entertained by their technology and connections online, and less interested in socializing and working together in person.”