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Generation Y: What Kinds of Real Estate Do They Really Want?

Generation Y: What Kinds of Real Estate Do They Really Want?. M. Leanne Lachman Lachman Associates April 11, 2013. Who is Gen Y?. Source: U.S. Census Bureau, 2010. Two Big Generations. Gen Y Descriptors. Techno-savvy Social Connected High Maintenance Outspoken Educated Multi-cultural.

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Generation Y: What Kinds of Real Estate Do They Really Want?

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  1. Generation Y:What Kinds of Real EstateDo They Really Want? M. Leanne LachmanLachman Associates April 11, 2013

  2. Who is Gen Y? Source: U.S. Census Bureau, 2010

  3. Two Big Generations

  4. Gen Y Descriptors • Techno-savvy • Social • Connected • High Maintenance • Outspoken • Educated • Multi-cultural • High Performance • Entitled • Civic-minded • Tattooed • Pampered • Optimistic • Underemployed • Entertainment-oriented “Emerging Adulthood”

  5. “When I was your age, I was an adult.”

  6. Pew Survey Results • Optimism undiminished from 2004 • 91% expect to sustain preferred lifestyles • Only 30% consider today’s job a career • Historically high % enrolled in school • 24% moved back with parents Source: Pew Research Center, December 6-19, 2011 Survey

  7. Nationally representative samples: n=1241 responses – housing n=1251 responses – retail Focus on people over 18 Finished high school Working, attending college or vocational school, parenting 45% are 18 – 25 27% are 26 – 30 28% are 31 – 35 Confidence level of + 3% Distributed across U.S. ULI’s Gen Y Surveys

  8. Current Gen Y Housing Source: ULI/Lachman Associates Survey, January 2013, n= 1251

  9. Marital Status by Age n=1251 Source: ULI/Lachman Associates Survey, January 2013.

  10. Gen Y’s Self Characterization I consider myself: n=1251 Source: ULI/Lachman Associates Survey, January 2013.

  11. Gen Y Housing Tenure by Age - 2010 *Living with relatives or in student housing n=1182Source: ULI/Lachman Associates Survey, Summer 2010

  12. Gen Yers Turning 22 Source: U.S. Census Bureau

  13. Ava by Avalon Bay

  14. Gen Y’s Pets n=1251Source: ULI/Lachman Associates Survey, January 2013

  15. Gen Y as Consumers • 37% love to shop • 48% enjoy shopping when it’s required • Not accumulating possessions • Research online; may buy in stores • 61% view shopping as entertainment • Sensory aspects important

  16. Gen Y’s Online Shopping Source: ULI/Lachman Associates Survey, January 2013

  17. Gen Y’s Sharing Economy “Access to stuff we want without having to own it” • Rented dresses (RentTheRunway.com) • Zipcars • Tools & electronics • Chefs & errand runners • Toys (BabyPlays.com) • Modern art “Owning less offers more”

  18. Gen Y Hotels • Aloft • Indigo • Hyatt Place • Gen 4 • New York’s Standard & Ace Hotels • Motel One • Yotel

  19. Gen Y as Office Users • <100 sq ft/person • No private offices • Counters replace desks • Creative interaction/fun spaces • Work from home/car/Starbucks • Green is preferable • Incubator/temporary spaces in demand

  20. Zynga Headquarters

  21. Zynga Interiors

  22. Gen Y as Office Users • <100 sq ft/person • No private offices • Counters replace desks • Creative interaction/fun spaces • Work from home/car/Starbucks • Green is preferable • Incubator/temporary spaces in demand

  23. Why We Call Them Gen Y • Y should I leave home and find my own place? • Y should I get a car when I can borrow yours? • Y should I get a roommate? • Y shouldn’t I have a dog? • Y shouldn’t I treat myself well? • Y should I stop traveling?

  24. Generation Y:What Kinds of Real EstateDo They Really Want? M. Leanne LachmanLachman Associates April 11, 2013

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