Lifestyle Trends Shape the Choices of the Largest Generation
The landscape of young adult living has certainly evolved over time, and while many more millennials now live with their parents (approximately 32 percent based on a recent national Pew Research Study), the number of 18- to-34-year olds living independently as married, cohabiting or unpartnered young adults and single parents constitutes 48 percent of the same market.
Millennials are often drawn toward renting versus buying, especially when it comes to their homes. Many have student loan debts that they would like to pay off before moving on to the next stages of their lives. They also like the flexibility of being able to take advantage of new economic opportunities by not being tethered to a mortgage.
Sumner Billingsley, a managing partner of The Brickyard in Farmer’s Branch, shares, “For millennials, life is about experience over ownership. Thoughtfully designed apartments and rental townhomes give you the ability to enjoy creative and unique design elements that are typically reserved for single family homes, but at a budget you can afford. This is a fun time in your life where you can try out new and different styles to see which one will become your own.”
The five top considerations of today’s millennial looking for a temporary dwelling are:
1) Proximity to work and entertainment – Millennials often put an emphasis on their personal lives over their work lives. They prefer housing locations that keep them out of the car or keep a commute short so they can choose exactly where they spend their time. Choice is key, and centrally located developments are among the most popular.
2) Eco-friendly housing – Going green is an important concept to millennials, and sustainable living has been part of the conversation they grew up with. They are more conscious about the amount of resources being used and often advocate a lifestyle of using less.
3) Public space – Millennial renters want shared public spaces that foster community rather than just interaction. They crave an environment that creates a hub of activity in an organic and unforced way, where residents can hang out, work and play. They also value dog parks for times when it’s hard to take long walks with their pets.
4) Urban feel and design – Millennials value unique settings and architecture that mirrors urban history. Millennials are the consummate mix-masters and have been able to blend retro design juxtaposed against contemporary elements. This hybrid industrial-yet-earthy aesthetic gives this generation the excitement of urban living regardless of location.
5) Technological elements – Technology is a large part of daily life for the bulk of people nowadays. Smart – and smartly appointed – multi-purpose lounges and tech hubs with state-of-the-art equipment speak directly to the millennial renter. They’re connected to the internet 24 hours a day through their cell phones and other mobile devices. Apartment communities that cater to young adults should be cable and internet ready. Access to complimentary Wi-Fi throughout the common areas is also a plus, as are lots of indoor and outdoor electrical outlets for charging mobile devices.
Billingsley shares, “The Brickyard is a New York-inspired property catering to young professionals. The property has a fresh urban feel in an excellent commuter location. The amenities range from a pool to green initiatives such as valet trash, recycling and smart car charging ports for those who need to charge their cars. The Brickyard is even piloting a new smart apartment system through Dwelo – the program consists of lights, locks and thermostats for multifamily communities that can all be controlled in or out of your apartment through your smart phone. The Brickyard is currently trialing the system in a few units.”
The Brickyard is the first phase of apartments and townhomes in Mercer Crossing, the newest multi-use Billingsley development, located at the crossroads of Interstate 35E, Interstate 635 and President George Bush Turnpike. The Brickyard is a blend of one- and two-bedroom apartments and townhomes that embody romantic industrial architecture with abundant use of brick, metal-framed windows and old-style painted signs on building walls. Residents have been moving into the community since May 2016.
For more information, please visit www.BillingsleyCo.com or www.TheBrickyardApts.com.