What Attracts Millennials to Apartment Communities

Frank Roessler

To meet the expectations of high-net-worth investors, Frank Roessler, founder of Ashcroft Capital in Westwood, California, seeks out profitable residential properties. Frank Roessler keeps an eye on market trends, such as the popularity of apartments among the Millennial generation (Gen Y).

Millennials differ from older generations in their apartment want list, according to two surveys. Rather than look for luxurious amenities, they place greater value on location and price. Research samples included both parents and offspring; unsurprisingly, parents rank security higher than their children.

Both groups prize the presence of friends and good customer service from apartment managers. They rarely seek extra features such as swimming pools and tanning beds.

Millennials prefer small apartments (efficiencies and one-bedroom units) with large closets for bicycles and other outdoor equipment. Additionally, they want generous amounts of built-in wiring and easy access to Wi-Fi. Fast, stable Internet connections and good cell phone reception are also priorities.

Methods of locating and researching apartments also reflect a technological focus. While most apartment hunters conduct the majority of their apartment shopping via Internet or mobile devices, the proportion of Gen Y doing so is even larger.


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