{"id":1486,"date":"2020-06-23T08:00:24","date_gmt":"2020-06-23T13:00:24","guid":{"rendered":"http:\/\/dextrose.beswifty.com\/?p=1486"},"modified":"2021-06-17T22:07:58","modified_gmt":"2021-06-17T22:07:58","slug":"mythbusters-multifamily-edition-5-myths-on-millennial-renters","status":"publish","type":"post","link":"https:\/\/incepm.com\/blog\/mythbusters-multifamily-edition-5-myths-on-millennial-renters\/","title":{"rendered":"Mythbusters, Multifamily Edition: 5 Myths on Millennial Renters"},"content":{"rendered":"

There\u2019s a lot of talk these days in the multifamily marketing community about millennials. Some define millennials as having entered young adulthood in the early 2000s, others as anyone who was born between 1980 and 2000. Regardless, this generation is often accused of being aloof, lazy and unprincipled. They get married later, live with mom and dad longer, change jobs more often, and of course, they\u2019re always posting selfies.<\/p>\n

Well, the first three are true, but there\u2019s more to millennials than hashtags, food pictures, and emojis. As Adam would say on the hit TV show Mythbusters, \u201cWe\u2019re here to reject your reality and substitute our own.\u201d<\/p>\n

Millennials a digital generation \u2014 the first generation that came of age in the digital world. They\u2019re also a savvy generation, and if multifamily brands want to get a piece of the estimated $1.4 trillion of spending power they\u2019re projected to have by 2020, marketers will need to abandon these five myths.<\/p>\n

Myth 1 \u2013 They\u2019re Lazy<\/h2>\n

People often cast others who do things differently as doing things incorrectly. Just because millennials have different lifestyle patterns than their parents did, doesn\u2019t mean that they\u2019re lazy.<\/p>\n

While it may appear that this generation is lazy, don\u2019t jump to conclusions. The key aspect to keep in mind is that millennials are the digital generation, and as such, they value convenience. They see the potential of the Internet, mobile devices, and digital media in making apartment hunting and community connectedness more efficient. Take time to understand how their interests and lifestyle may differ from previous generations.<\/p>\n

Myth 2 \u2013 They\u2019re Incompetent<\/h2>\n

When millennials have a question or don\u2019t know how to do something, they ask Google. This is not a sign of incompetence, but quite the opposite. Thanks to the Internet, millennials are one of the smartest generations in history. They see the Internet as a great resource and wealth of information, and they\u2019re constantly accessing it to make their lives and communications more efficient.<\/p>\n

They\u2019re also the most college-educated generation. They can see advertisements for what they are, and they know the Internet is a giant ruse of data collection. But they also know that it only helps everyone to make better, more informed decisions as renters, and it makes multifamily brands work harder for resident attention and loyalty.<\/p>\n

Millennial lives and communications are fully documented online, which provides multifamily marketers with scores of valuable information. Use it to better understand, attract, and engage with this generation.<\/p>\n

Myth 3 \u2013 They\u2019re All About the Selfie<\/h2>\n

People think that millennials are always engaged with a screen instead of the people around them. We have news for you: People have been avoiding human interaction long before iPhones, iPads, and SmartTVs. It just wasn\u2019t as noticeable back then.<\/p>\n

Consider Mom and Dad, each sitting at the breakfast table reading the newspaper rather than chatting with their child. Or, train passengers commuting to work, each with their head buried in their book or magazine, rather than hamming it up with their fellow passengers.<\/p>\n

Millennials are a tech and social media savvy group that knows how to make an impact on these platforms. To them, the Internet and social media are simply just another platform for news and communication (not so different from mediums like newspaper, television, etc.). Take the time to understand how they\u2019re using these platforms and what motivates them to interact. You might be surprised.<\/p>\n

Myth 4 \u2013 They Have a Lack of Values<\/h2>\n

Marketers think millennials are fundamentally different from their parents. They\u2019re really not. Like their parents, they value making a difference in the world, making a good living, and achieving professional success.<\/p>\n

They\u2019re more open-minded than generations before them, and they\u2019re not afraid to advocate for what they believe. They\u2019re holding businesses to certain standards \u2014 transparency, sustainability, community involvement \u2014 which they believe is a more responsible path to future growth and profitability.<\/p>\n

Ultimately, there\u2019s a new era of social responsibility, and those businesses that fail to recognize those values will fall by the wayside.<\/p>\n

Myth 5 \u2013 They\u2019re Difficult to Market To<\/h2>\n

Google \u201cmarketing to millennials\u201d and you\u2019ll find countless articles, books, essays, even entire websites devoted to the subject. It\u2019s like they\u2019re some organism buried deep at the bottom of the Marianas Trench that is difficult to study, and no one really knows what they are or how to approach them. Contrarily, they\u2019re very accessible and easy to engage.<\/p>\n

Millennials require few things from the brands they will evangelize and promote:<\/p>\n