As Millennials enter the workplace and choose their professions, it is becoming clear that there are certain industries that are booming and certain industries that are slipping. According to Forbes.com, industries that are experiencing the most growth include technology (no surprise there), healthcare, and finance. However as more and more of the younger generation chooses rental over ownership for their home option, the multi-family industry is becoming more and more prevalent in Millennial culture.
The top reason young people are choosing to rent over buying a home is because of access to prime city-centers. It is becoming more a part of their culture to live/work/play in the same area and this is presenting an amazing opportunity to the multi-family industry to capture the next generation of working professionals.
Beyond proximity, the Apartment Industry is a perfect choice for those entering the workforce or changing careers. Below we have listed out the top reasons the Multi-Family Housing Industry is the Right Career for Millennials!
Accessible
To begin a career as a leasing agent you most often do not need to have a college degree. While many young people are still opting to go to college, this option is attractive to those that are working while attending school or to those that are ready to start their professions after high school. Because of the high demand for apartments, the industry is constantly hiring which presents ample opportunity to young professionals for landing jobs.
Lots of Room for Growth
According to Multifamily Executive, the average age of a property manager is 50-years-old. This means that in 10 years most of them will be retiring and leaving space for those below to move up. The career ladder for multi-family professionals is clear with many opportunities for people to either grow with a large property management company or seek out larger companies to accommodate their career growth as they see fit.
Job Security
According to National Real Estate Investor: “Lifestyle preferences have shifted towards renting, young people are waiting longer before they form their own households, as well as before they marry and start families”- October 2018.
What this means is that for the foreseeable future, the apartment industry is not only stable, but it is expanding year over year. The likelihood of being downsized from a Multifamily job position is rare and being able to find work when a position doesn’t work out in your best interests is easier than most professions.
Ability to Switch Locations Easily
It’s no secret that Millennials want flexibility and the ability to uproot and explore the country. Unlike working with a big corporation that only has headquarters in a few cities, the apartment industry is everywhere. A leasing or maintenance professional could live in a different city every year if they wanted to and still be able to find work easily.
Benefits and Compensation
According to a recent survey conducted by J. Turner Research, the average salary for a Regional Property Manager with about 12 years of experience is $124,336 with an average bonus of $25,908. This comes along with health insurance and other traditional benefits as well as use of apartment amenities such as a pool and gym. As a young professional looking to invest themselves in a career that could pay six figures in under 15 years, the multi-family housing industry is looking pretty great!
Chance to Apply Skills in Social Media Technology
One of the best ways to get positive attention from your boss in the apartment industry is to be able to handle a property’s social media like a professional. Social media skills are practically bred into Millennials and they can use that technology aptitude to set themselves apart from their not-so-tech-savvy coworkers. Because of the prevalence of Multifamily properties, each property needs to be able to adequately market themselves so they can keep their units full. Social media skills are therefore highly desired among leasing professionals and property managers.
There you have it! All the reasons the Apartment Industry is PERFECT for young professionals!
