Why Moving Downtown is Hot in 2017

If you manage downtown rental properties, you may have noticed that your space is becoming more popular. In mid- to large-sized cities, companies and individuals are flocking to downtown areas.

While it was once common for young adults to move to the suburbs, buy a house, and start a family, this trend is changing with the Millennial generation. Today’s 20- to 30-somethings are renting much longer than previous generations and getting married later in life.

With so many people choosing to live in downtown areas, many businesses are leaving their suburban offices and making the move to more urban areas. How can you highlight the incentives of living and working downtown to potential renters of your apartment and business spaces? Here are a few thoughts:

• Green living. Highlight the fact that living and working downtown can be an environmentally conscious decision. If your building has green technology incorporated, this can be very attractive to those trying to contain their carbon footprint. If you do not offer these things, consider doing it. Many downtown areas are also friendly to the environment because they give people the opportunity to live vehicle-free. Green space, dog parks, and walking trails are usually not far from the city center.
• Easy maintenance. Office spaces and apartments are generally smaller in the city. There is less upkeep and more time to enjoy the city’s attractions. The micro apartment trend is big right now. With many Millennials waiting to get married and start a family, there is less need for space.
• Entertainment options. Office and apartment building spaces downtown offer workers and renters access to a wide array of entertainment options. There are always new restaurants popping up and new musical acts coming to the local pub or theatre. Employees are encouraged to attend company happy hours or meet for coffee to work on a project. They are probably much more likely to stay and socialize with other coworkers with such a short walk home to their downtown abode.
• Build a culture. Companies can build their brand identity and culture by being located in the center of things. With every company wanting to stay on the cutting edge of technology, a downtown location shows the company’s commitment to innovation.

According to Smart Growth America, over 100 cities in more than 85 metro areas and in every region of the country are experiencing downtown growth. As a manager of rental spaces, make sure you are taking full advantage of this trend by proudly advertising all the great things your city has to offer potential tenants.

Sources

http://augustafreepress.com/best-ways-capture-millennial-market-rental-business/

This post was written by Deidre R., a Product Analyst in the Commercial Lines Marketing Department at Acuity. Deidre’s experience also includes nine years as an Account Manager at an insurance agency. She received her bachelor’s degree from St. Norbert College in De Pere, Wisconsin, and her master of organizational behavior from Silver Lake College in Manitowoc, Wisconsin. Her hobbies include volunteering and event planning for a local women’s shelter, yoga, crafting, reading, and biking. She also enjoys spending time with her husband and dog.