"So many of them grew up in cash-strapped households. Willett adds that research typically paints Gen Z as a practical group with frugal spending patterns. “I’m not sure any one generation has the lock on frugality, but certainly there is a growing demand by a younger generation for a lower net cost housing model.” “Kanso will be our first new development without any physical amenities or even a leasing office,” says Karen Hollinger, senior vice president of strategic initiatives for AvalonBay Communities, headquartered in Arlington, Va. Instead, it has a prospect self-entry showroom with a sample finishes and a digital screen to describe the community. Kanso Twinbrook does not have a leasing office. In October, AvalonBay Communities will open 238 new apartments at Kanso Twinbrook in Rockville, Md., near Washington, D.C. “Those who can afford new developments at all probably will opt for suburban settings.” New Apartments Designed for Frugality “Land costs in the urban core likely preclude the delivery of new apartments that most Gen Z renters can afford,” says Greg Willett, chief economist for RealPage, a technology and data company based in Richardson, Texas. That frugality might keep Generation Z away from new buildings in the most expensive housing markets-even though they are drawn to social areas. “They also place a high value on community… Spending time with people doing things is more valuable to them than having luxury items.” “Gen Z tends to value experiences more than they value things or possessions,” says Lela Cirjakovic, executive vice president of operations for Waterton, an apartment company based in Chicago. They were used to living on a budget long before the new economic crisis caused by the spread of the novel coronavirus. The oldest-born from the mid- to late 1990s-came of age during the long, slow recovery from the global financial crisis. That may be difficult with the young people of Generation Z, now graduating from college and looking for places to live. Courtesy AvalonBay Communitiesĭevelopers often want their new developments to appeal to the youngest renters.
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