generation y: what kinds of real estate do they really want? m. leanne lachman lachman associates...
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Generation Y:Generation Y:What Kinds of Real EstateWhat Kinds of Real Estate
Do They Really Want?Do They Really Want?
Generation Y:Generation Y:What Kinds of Real EstateWhat Kinds of Real Estate
Do They Really Want?Do They Really Want?
M. Leanne LachmanLachman Associates
April 11, 2013
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Who is Gen Y?Who is Gen Y?
3.3% Silent Generation (84+)
9.7% Depression & War Babies (68-83)
24.6% Baby Boom (49-67)
17.2% Gen X (36-48)
25.0% Gen Y (18-35)
20.1% Gen Next (<18)
Source: U.S. Census Bureau, 2010
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Two Big GenerationsTwo Big Generations
Gen Y Boomers
2010 Size 77.4 million 76.2 million
Birth Years 1978-1995 1946-1964
Age Now 18-35 49-67
Hispanic 21% 10%
Black 15% 12%
Asian/Other 10% 5%
Live to Work 16% 28%
Work to Live 85% 72%
Expect Never to Retire 10% 25%
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Gen Y Descriptors Gen Y Descriptors
• Techno-savvy• Social• Connected• High Maintenance• Outspoken• Educated • Multi-cultural
“Emerging Adulthood”
• High Performance• Entitled• Civic-minded• Tattooed• Pampered• Optimistic• Underemployed• Entertainment-oriented
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“When I was your age, I was an adult.”
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Pew Survey ResultsPew 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
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ULI’s Gen Y SurveysULI’s Gen Y SurveysNationally 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.
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Current Gen Y HousingCurrent Gen Y Housing
Owners
Live withParents/Relatives
Student Housing
Renters
Other
37%
24%
32%
2%
5%
Source: ULI/Lachman Associates Survey, January 2013, n= 1251
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Marital Status by AgeMarital Status by Age
Total Survey
Single 63.5%
Divorced/Widowed 2.0%
Married/Partnered 34.5%
100.0%
n=1251Source: ULI/Lachman Associates Survey, January 2013.
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Gen Y’s Self CharacterizationGen Y’s Self Characterization
I consider myself:0% 10% 20% 30% 40% 50%
City Person
Suburbanite
Small Town/Rural Person
n=1251Source: ULI/Lachman Associates Survey, January 2013.
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Gen Y Housing Tenure by Age - 2010Gen Y Housing Tenure by Age - 2010
*Living with relatives or in student housingn=1182
Source: ULI/Lachman Associates Survey, Summer 2010
Renters Owners Other*
18-24 yrs 38% 15% 47%
25-29 yrs 38% 44% 18%
30-32 yrs 36% 54% 10%
Total 38% 36% 26%
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Gen Yers Turning 22Gen Yers Turning 22
Source: U.S. Census Bureau
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Ava by Avalon BayAva by Avalon Bay
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Gen Y’s PetsGen Y’s Pets
Pet Owners 71.5%
Dog(s) 53%
Cat(s) 35%
No Pets 28.5%
n=1251Source: ULI/Lachman Associates Survey, January 2013
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Gen Y as ConsumersGen 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
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Gen Y’s Online ShoppingGen Y’s Online Shopping
Electronics/Computer Equipment 44%
Women 34%
Men 54%
Gifts 43%
Personal Clothing 41%
Women 47%
Men 36%
Books 39%
CDs/DVDs 33%
Source: ULI/Lachman Associates Survey, January 2013
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Gen Y’s Sharing EconomyGen 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”
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Gen Y HotelsGen Y Hotels
• Aloft• Indigo• Hyatt Place• Gen 4• New York’s Standard & Ace Hotels• Motel One• Yotel
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Gen Y as Office UsersGen 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
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Zynga HeadquartersZynga Headquarters
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Zynga InteriorsZynga Interiors
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Gen Y as Office UsersGen 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
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Why We Call Them Gen YWhy 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?
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Generation Y:Generation Y:What Kinds of Real EstateWhat Kinds of Real Estate
Do They Really Want?Do They Really Want?
Generation Y:Generation Y:What Kinds of Real EstateWhat Kinds of Real Estate
Do They Really Want?Do They Really Want?
M. Leanne LachmanLachman Associates
April 11, 2013