The millennial demographic has had a huge impact on new residential development—from apartments to condos. While developers are paying attention to baby boomers as well, another sizable demographic demanding urban residential options, millennials require a unique approach. Specifically, developers are focusing on programming first to attract young professionals to new construction properties. To find out more, we sat down with Kyle Peterson, director of Carrier Johnson + CULTURE in Los Angeles, which recently hosted a development panel to better understand millennial needs, for an exclusive interview. Here, he tells us what apartment and condo developers are doing to stay ahead of the trends.
GlobeSt.com: Why should apartment and condo developers be focused on the millennial demographic?
Kyle Peterson: Millennials are an attractive demographic for developers because they typically emphasize quality over quantity, making them more inclined to pay premiums for a more authentic experience and location. Moreover, millennials usually prefer a lifestyle that offers mobility and flexibility, so purchasing a home that they will keep for 30-plus years is less attractive to them.
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Kelsi Maree Borland
