2A —November 10 - 23, 2017 — M id A tlantic
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Mid Atlantic Real Estate Journal
Mid Atlantic R eal E state J ournal Publisher, Conference Producer ...................................... Linda Christman Associate Publisher ................................................................ Steve Kelley Associate Publisher ...................................................................Kim Brunet AVP, Conference Producer . ................................................. Lea Christman Senior Editor/Graphic Artist .................................................Karen Vachon Office Manager ......................................................................Miriam Buttrick Contributing Columnists ........ Michael Novak, Atlantic Environmental So- lutions Inc.; David C. Scott, Greenbaum, Rowe, Smith & Davis LLP; David Wolf, ON Collaborative Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 350 Lincoln St., Suite 1105 Hingham, MA 02043 USPS #22-358 | Vol. 29 Issue 21 Subscription rates: $99 - one year, $148 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion 781-740-2900 | Fax: 781-740-2929 The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
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Millennials vs. Boomers: Tailoring Multifamily Homes to Today’s Twin Targets W David Wolf hat do Millennials, the laidback digi- tal natives dubbed “Generation Me” by social sci- entists, have in common with the driven, disciplined Baby Boomers who spawned them? Quite a bit when it comes to lifestyles. As Boomers downsize and Millennials finally enter the real estate market, both generations are gravitating to- wards the same type of housing: multifamily homes in vibrant urban areas. Ironically, Boomers are opt- ing out of large, high-mainte- nance homes at the same time their budget-conscious Millen- nial children are finally buying first residences. Both genera- tions want smaller dwellings in culturally rich cities and suburbs, with restaurants, shopping, services, entertain- ment and public transporta- tion nearby, notes realtor.com. Multifamily condos fill the bill for both groups. Yet while each generation has broad similarities, they
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also have distinct differences. Since both cohorts dominate the multifamily housing mar- ket at the moment, notes the National Association of Realtor, builders and developers need to be spot-on in the multifamily housing they target to either age group, and strike an in- spired balance of features and amenities in those designed to appeal to both. Easier said than done? Not in the age of big data. From the analytics-driven research we do at ON Collaborative to understand what resonates with each market segment, it means taking a deep-dive into each generation’s wants and needs to develop hyper-local business plans that maximize each project’s sales velocity
and price. Here are the most salient issues multifamily developers must keep in mind as they de- sign and build their offerings. Know Each Generation’s Pleasure and Pain Points Each generation places dif- ferent demands on multifamily developments. It’s more than a matter of tweaking unit size or making interior design features, common spaces and amenities as impartial as pos- sible. It’s critical to assess what each cohort needs and develop a site-specific mix of elements for each project. To date, multifamily develop- ers have relied on snazzy Wi-Fi lounges, complimentary gour- met coffee bars and lush com- continued on page 26A
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Issue Date: November 24, 2017
This issue will publish as a special pull-out section... Featuring:
New Development Financing Opportunities Design Trends and Challenges
Case Studies on Successful Projects Re-Development & Renovations Retro tting Existing Properties vs. New Development
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