There is no single answer to cracking the millennial market. The one truth that seems to be coming out of the studies, surveys, and articles about this generation is that they will take advantage of all the choices available to them.
More choices for the millennial
40 years back, you dreamed of single-home ownership in suburbia or in the city. You didn’t get to choose both as you can now, in mixed-use developments. House rentals, which were later to grow significantly during the 2008 recession were a small portion of the market. Condominiums were somewhat of a novelty, popular only in certain metropolitan areas.
All of these are now more popular than ever because, from an economic point of view, they are valid alternatives to more debt-inducing single-homes.
In a recent construction dive article, an expert in real estate consulting pointed out that millennials are adverse to taking on debt, as they grew up with the after effects of the 2008 recession and have carried student dept over many years.
Where can you find the millennial?
So, as a builder, where are you most likely to meet up with this generation, now dominant in terms of numbers and buying power? As we’ve mentioned in this blog before, mixed-use communities, multi-family projects, and single-home builds, but on the condition that they can be made affordable enough.
Perhaps you specialize in one of these types of construction. Whichever type it is, however, know that you are addressing a generation that has a keen interest in getting their money’s worth.
Characteristics that perpetuate value
How do you build value into your projects? By selecting materials with the characteristics that perpetuate value such as precision, strength, reliability, and quality.
But you also need a combination of characteristics that changes how you build for the better. Characteristics that can do this without negatively impacting your time or your budget.
TRIFORCE®’s open web design is such a characteristic. You don’t have to learn it. You don’t have to pay top dollar to get it. It blends into your work with no effort at all. And it pays off:
- No more wasting time drilling through I-joists
- Eliminates the damage done to joists and repairs needed because of improper drilling
- Allows plumbing, electrical and HVAC contractors to do their work more quickly and with less hassle
- Builds more flexibility into your floor system with an open floor cavity allow all sorts of installations
Just because millennials aren’t inclined to buy single-family homes in large numbers yet doesn’t mean you can’t tap into that market now.