One of the biggest benefits of working at a small agency is the amount of talent we have packed into a 1500-square-foot office space. Fresh out of college, I don’t think there’s any better “first job” than the one where you’re the least experienced person in the room. Sure, there’s a downside to being young. Sometimes a cultural reference will go straight over my head. (What’s a facsimile? Who’s Carol Burnett?)

In this industry, however, my youth is often considered an advantage. I happen to be an expert on one of the fastest-growing, most-powerful consumer demographics in history (millennials). And that’s because I am one.

My Authority on the Subject

I was born smack dab in the middle of the Gen Y, or as we like to be referred, the millennial generation. We are the children of the boomers, and while millennials (age 20-29) are only 48 of the 344 million Americans, in 2018 we will pass baby boomers as the top-spending generation.

Differences between generations fascinate me; they make sense. Culture is a group of people’s way of stabilizing itself. Generation culture is interesting because time is the manipulated variable. When new variables are thrown into the mix, other things adjust.

For example, more women are entering the workplace and staying there for longer. Because they expect to work longer, they are investing more in their jobs and education. Consequently, they are getting married later in life. This, in turn, has changed the college and young adult dating culture … We can track generational changes like these across several lifestyle trends.

Ad from Warby Parker, a prescription glasses brand that thrives on internet sales and millennial marketing.

The Technology Factor

Technology works in the same way: Millennials are the first generation to grow up around the internet. Interconnectivity and information explains a large part of what makes millennials who they are. By looking at specific digital trends among millennials, we can get an idea of what drives their behavior and how they make purchase decisions. Because of their large purchasing power, marketers are changing their tactics to get in front of this generation. New social media advertising tactics have evolved due to millennials spending more than three hours a day on mobile phones.

While millennials are evolving many industries, purchasing patterns, and online marketing, their lifestyles are also defining the multifamily space. As millennials tend to wait longer for marriage, purchasing a house, and having kids, they’re staying in the renting sphere longer. Multifamily communities have to adjust their marketing tactics to attract these sought-after renters.

Criterion.B is all about learning, evolving, and expanding our marketing tactics to better reach the multifamily space, so stay tuned as we develop more insights for multifamily managers, developers, and more!

Editor’s note: This article was written by Criterion.B’s resident millennial.
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