When moderator Ben Truehart, VP of property management and marketing at PayLease, asked about how to target Millennials, Ron Brock, executive sponsor of the western US multifamily at Yardi Systems, pointed out what when talking about this generation, while many are the affluent and highly educated that first come to mind, many of them aren't. “You have to also build sites for that manager at McDonalds, not just the Bay Area tech employee,” he said. “The general rule of thumb is that we are building communities to target a tech savvy generation of people. There has to be a consideration that there are lifestyle renters and the workforce renters by necessity.”

Another thing to be mindful of, added McIntyre, is that Millennials aren't going to be the renters in these units forever. As a developer, you have to think about you do in 10 years when the Millennials you built the project for are no longer dwelling there. “Be strategic about how you design your product.”

Whether the need is for high-end, mid-range or low-end housing, there is one common denominator, they are smaller, noted Brock. “And the best amenities,” he said, “are those that are walkable from your property.”

Panelist Jay Parsons, director of analytics and forecasts of MPF Research, said at a recent PCBC event that it is very hard to figure out this generation. He pointed out that the Millennial population has been slower to marry and become financially independent and they express less interest in “worldly” goods. “Whether this is a result of the Great Recession, a change in values, student loan debt, or difficulties in finding well-paying jobs, it's vital that we learn how these consumers will affect the economy—and real estate—in material ways,” he added. “We see all these contradictions about this generation; it is diverse group that is very complicated.”