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Gen Y wants amenities at a fair price

Gen Y wants amenities at a fair price

Amenities trump square footage when it comes to Generation Y, according to HousingWire. Multi-family developers like AMF Development are using available data on Millennials for building large-scale apartments. Elevé Skydeck & Loft is a 208-unit multifamily complex set to open in the spring of this year in Glendale, Calif. It caters to individuals between the ages of 20 and 34.

The University of Southern California’s Lusk Center for Real Estate told HousingWire that Gen Y’s recent experience with the recession compels individuals to prioritize affordability. But sociability and connectivity are equally important, so Gen Y also seeks on-site or community amenities like retail and restaurants.

Alan Dibartolomeo, chief development officer of AMFD, noted that on-site networking is a key feature of the Glendale project. A 26,000-square-foot roof level deck, the “Sky Deck,” is in the works, and it will feature semi-private cabanas, a media center, grills, fire pits, hot and cold spas, and a fenced dog park to boot.

When Gen Y residents move out of their parents’ or friends’ homes and into their own places, they will be more likely to rent based on location, core amenity offerings, and customer service considerations. According to Multifamily Executive, the location and access to lifestyle amenities will supersede sheer square footage. This trend seems consistent with Gen Y households who are ready to purchase their own homes. Builder Concept Home 2012 hopes to meet the housing needs of Millennials by creating a space that is geared for technology, small in environmental footprint, and big on lifestyle mobility.