Give an Old Sales Question a New Twist

Sometimes it’s good to shake up old norms and try something new.

“Where else have you looked?” or “Where are you planning on looking?” are questions commonly utilized as a means of determining which communities a client may be comparing ours to. They're good questions that will provide important insight...if apartments are all the client is considering. A better one might be, “What other options are you considering?”

Iconoculture reports on a post in Economist’s Outlook this week the share of adults under 35 living at home with Mom and Dad, especially among those age 25-34, is at the highest level since 1981, (a very long time ago - I know), at over 30%. The historical average is under 28%.

Since there are over 70 million young adults age 18 to 34 living in the US, that means somewhere around 21 million young people are living at home. Who knows how many more are considering the option, as it becomes more and more socially acceptable to do so, even into one’s 30‘s.

Think about it - options might include Mom and Dad’s basement, moving in with a girlfriend, or staying put. If you are competing with Mom and Dad’s basement, low rent and home cooking, you’ll want to build value in your community by highlighting the freedom and independence your client will enjoy.

For those that are already there, it seems likely that Junior may be getting tired of living in the basement, and even likelier that Mom and Dad may be getting tired of Junior. Maybe not, but the lifestyle benefits renting offers to both Junior, (and Mom and Dad), might be just the ticket.

On the flip-side, if your demographic is primarily 18 to 34, understand that this option is one your residents may be considering rather than renewing their lease. As it becomes increasingly socially acceptable to return to the nest for an extended period of time, and generally cost effective to do so, you may essentially find yourself competing with Mom and Dad’s basement for the renewal. Increased focus on freedom and the lifestyle opportunities renting offers will be critical to keeping this demographic.

Before selling (or reselling) anything, find out who you are really competing with - what other options are being considered?