Resort-style amenities were once a standard for condo projects, but today, buyers are looking for more service-style and unique amenities. These amenities—things like yoga classes, chef kitchens, social spaces and delivery systems—have become essential in capturing condo buyers. Millennials are poised to become one of the largest groups of condo buyers in the next few years, and the demographic will be looking for a well-rounded set of amenities.
“We’ve done a number of focus groups on this topic and found that buyers are in search of upscale amenities and services offered on-site that cater to their own needs and lifestyles,” Alana Mann, president and owner of The Statesman Group, tells GlobeSt.com. “That’s why, we’ve incorporated a range of services into our amenity offering like a concierge who can handle booking dinner reservations, a full-time Community Manger who oversees the property day and night for peace of mind and a VIP program that gives residents access to restaurants and things to do within the neighborhood at a discounted price. The Community Manager is also in charge of scheduling private and community-wide events to bring the neighbors closer together.”
While Mann says that resort-style amenities are still important, and shouldn’t go away, millennials are looking for amenities that can provide convenience above all. “As people’s schedules become more and more hectic, they are looking for easy conveniences that will make their day-to-days easier,” she says. “That’s where the services come in to play. If a buyer can have someone else make a dinner reservation or tell them the best spots in town to check out when their family comes to visit, it’s one less thing they have to worry about.”
Millennials are becoming the biggest buying group for condos, but baby boomers and empty nesters are also a substantial demographic of the condo buying market. Condo developers will need to create a multigenerational experience to capture all of these buying groups. “Many baby boomers and empty nesters are choosing alternative forms of housing where they will be around the liveliness and energy from younger generations,” says Mann. “We’re also finding that urbanization is key and both the millennial and older demographics are looking to be within walking distance to things to do and a healthy nightlife where they are not reminded of their age. When living in a condominium community, you tend to be more active with all the amenity offerings, walkability to shopping, restaurants, parks and social connectivity amongst your neighbors while still being able to enjoy the peace and quiet within the home.”
Millennials are also looking for a multigenerational experience, preferring owning a condo to renting. “Young working professionals appreciate the ease of having a “lock and leave” lifestyle, which is what we provide within our communities,” says Mann. “However, this is not much different from the mature buyer demographic as well who appreciate a maintenance free-lifestyle and an abundance of amenities, facilities and services as they look to downsize from a single-family home.”