ATLANTA—Millennials. Multifamily developers and office landlords alike are keeping a close eye on this demographic.
Where do they like to leave? How do they like to work? Where are they clustering? How will their preferences change in the future? The research continues.
One thing is certain. Millennials are flocking to Atlanta's Beltline.
GlobeSt.com caught up with Tim Schrager, board chairman of the Atlanta Apartment Association and CEO of Perennial Properties, to get his thoughts about this trend in the final installment of this exclusive interview series. You can still read the first two parts: What's Driving the Beltline Boom? and Why Atlanta Residents are Flocking to Beltline.
GlobeSt.com: What people are moving to multifamily housing along the Atlanta BeltLine? To whom are you marketing these apartments?
Schrager: People across the age spectrum are moving into rental properties along the BeltLine. Families with kids, 20-somethings and empty nesters all enjoy the active environment these apartment communities provide.
Despite the growing diversity in residents, we still mainly market to young professionals in their 20s and 30s. They're the ones biking the BeltLine to work and really taking advantages of the amenities. However, we have seen an increase in families renting our larger units. It's a place for everyone.
GlobeSt.com: What unique amenities do apartments along the Atlanta BeltLine need to have to ensure that they thrive?
Schrager: Living along the BeltLine doesn't necessarily mean you have access to a BeltLine entrance point, so apartment communities need to make sure their residents can hop on the BeltLine directly from their property, or very nearby. Bicycle storage is also extremely important and growing in popularity.
It's appealing to residents because they don't have to store their bikes on balconies or in their apartments, which takes up valuable space. Additionally, outdoor social spaces such as pools, dog parks and courtyards need to serve as an access point to the BeltLine so they are integrated into the vibrant social space footsteps away.
GlobeSt.com: How long will this boom of development along the Atlanta BeltLine continue? What neighborhood do you think will be the next hot spot?
Schrager: As long as the economic environment is conducive to new development, the BeltLine should continue to attract more than its fair share of new construction and redevelopment. The area along the Eastside Trail—Old Fourth Ward, Inman Park, et cetera—has seen the bulk of the initial boom and has blossomed into one of Atlanta's premiere neighborhoods.
The next hotspots will be along the Westside Trail in southwest Atlanta and the extension of the Eastside Trail to Memorial Drive. Construction plans indicate that multifamily development will heat up in those neighborhoods next. As the BeltLine expands, there will be a wave of apartment and mixed-use construction following in its wake.
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