Peterson: Developers who are trying to attract millennials are focusing on programming. Curating an experience that compliments their lifestyle is a good strategy for edging out the competition. Retail offerings are also an important factor for mixed-use apartment buildings: Millennials will usually prefer to live above a craft brewery or an artisanal cheese shop than a 7-11, for example. And they want to live local, so it's crucial that developers invest in the culture of the neighborhood, integrating the full experience through programming, planning and design. On-site services and amenities create a nice perception of added luxury, even if the renters never utilize them—among the most common are on-demand services such as laundry, car washing, concierge, and refrigerated package storage, among others.

GlobeSt.com: What are the major characteristics that millennials are looking for in their living space?

Peterson: Customization and flexibility in the units and unique amenities in the common spaces are the major characteristics that appeal to millennials. Units are also becoming smaller and smaller—in part because of millennials' preference for portable devices over larger televisions and entertainment equipment. The unit chassis is therefore becoming more narrow in recent projects, and large living rooms for television viewing are deemphasized. The preference for adaptability is also leading to the disappearance of built-in kitchen islands, with movable furnishings taking its place. This has a dual benefit: a more adaptable scenario for the tenant and reduced hard-cost for the developer.

GlobeSt.com: How does technology have an impact? What about the sharing economy?

Peterson: Technology can define a project positively or negatively. More often we're seeing developers look to upgraded tech and home automation packages such as Nest thermostat, mechanized blinds, automated lighting and media. We're seeing some developers including voice-activated devices like Google Home and Amazon Alexa in their unit configurations. Millennials also prefer flexible work modes, and are demanding integrated technology for conducting business from home as well, including online accounts for leases and rental payments and digital package delivery notifications.

GlobeSt.com: Millennials are already nearing their mid-30s, with generation Z coming into the market. Should developers be looking at this demographic, and does gen Z change the market again?

Peterson: With the oldest members of Generation Z just now entering college and the workforce, we can only infer the kinds of impact they might have on these trends. It is likely that the preferences of millennials (amenities, integrated technology, authentic experience) will be shared by Generation Z—and those preferences might even intensify. Understanding what millennials look for in housing will likely help developers prepare for the generation to follow.