ORLANDO—Luxury residential properties are rising fast in Central Florida. Savvy developers are working to attract and retain residents through differentiation, including the intangibles.

GlobeSt.com caught up with Kristin M. Miller, president of Richman Group Development Corporation, to get her thoughts on what is working and why in this exclusive interview. The firm's new portfolio of luxury apartment communities, including Aurora in Downtown Tampa and Grady Square just outside the urban core, were designed with these principles in mind.

GlobeSt.com: With the increasingly competitive luxury residential market, how are you working to attract new renters?

Miller: Millennials and Gen-Xers are seeking communities with preferred amenities in dynamic locations where they can live, work and play. They want the option to walk to, or easily access public transportation to reach their workplace, dining, shopping, and entertainment venues.

We understand the economic and social benefits of walkability. The best way to attract and keep residents is to build accessible communities that accommodate their needs and make their lives easier and happier. We build our communities in live-work-play environments that enhance the roster of preferred amenities that we deliver to our residents.

Globest.com: What are some key strategies for renter retention as new luxury buildings continue to become available?

Miller: Residents see true value in walkable neighborhoods, and this is not a fleeting trend. That is why we are making a concerted effort to build and integrate our communities within locales that meet this necessity.

GlobeSt.com: How has the recent increase in Gen-Xers and Millennials choosing to be renters for life versus homebuyers impacted how your firm's luxury residential community designs?

Miller: Our new portfolio of luxury apartment residences was developed and designed with a purpose. We believe residents will remain loyal to a place where their thoughts and individual tastes matter. We understand that even the most well-appointed communities will not feel like home until a resident has had the opportunity to create living spaces and form routines that best accommodate their desired lifestyle.

GlobeSt.com: What about intangible benefits and offerings. What are you seeing that works to attract residents?

Miller: We recognize the value in cultivating solid and committed relationships with our residents exemplified through our service-focused culture and signature amenities. We feel strongly that social connectivity is essential to help neighbors within shared communities forge lasting and meaningful relationships that not only make our properties feel like home, but a place they want to live for years to come.

One way we help foster these social connections is through our resident clubs, a community calendar of themed events, philanthropic opportunities, and social media. Each property offers recurring resident clubs for wine lovers, bookworms, and fitness enthusiasts to gather and indulge in their hobbies and interests within steps of their home while getting to know their neighbors. These social events are well received by our residents who see intangible value in the new relationships they are able to forge through these activities.

Instant Insights /

What Luxury Renters Demand in Today's Market

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