Posts tagged ‘millennials’

March 24, 2016, 9:00 am

Zoned Comfort Solutions in a Limited Rental Market

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In predicting the trends of the housing market for 2016, the Washington Post expects that, “for renters, 2016 will be a difficult year.” Specifically, it focuses on millennials – who are driving builders toward multifamily projects and apartment buildings, but also of empty-nesters – baby boomers whose millennial children have moved out and who are now scaling back in retirement.

Having both millennials and boomers in the market has created an inverse relationship resulting in a dramatically reduced supply. The Washington Post also notes that “builders have been slow to increase construction of new single-family homes,” which limits that supply further. Instead, what seems to be happening, writes Time magazine, is that investors are buying larger homes foregone by empty-nesters and renovating them to become multifamily rental spaces.

Though millennials will still have to delay becoming homeowners, the benefit is an exponential increase in rental space for all. For the building industry, the expansion of single-family homes into multifamily apartments means a need for energy-efficient, sustainable cooling and heating options. Installing zoned comfort solutions gives each family in these developments individual, personalized zones. This means that for renters who have limited options, more cost-efficient rental spaces are opening up.

House vector. People vector. Infographic vector designed by Freepik. Graphics have been edited.

March 3, 2016, 9:00 am

Grads Are Migrating and That Means Growth for Everyone

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The New York Times chronicled the phenomenon of recent college grads – young professionals with entry-level income and, likely, a five-figure debt – opting to live in downtown urban areas rather than more affordable suburbs. However, this trend wasn’t exclusive to popular cities like New York, San Francisco and Washington, DC, but even blue-collar cities like Buffalo, Pittsburgh and Cleveland.

As the next generation of professionals move to the city, corporations are following after them. For cities that are already thriving, this means further growth and expansion. For small cities, this economic influx will revitalize and reinvent. The fact remains: Prosperous or disadvantaged, inward migration is good for any city.

However, as business and population grows, so too must infrastructure. From a building perspective, cities will grow – sometimes out, but likely up. As cities evolve, technologies must adapt. Here at the forefront of cooling and heating innovation, we provide versatile products that can handle these new and space-demanding trends. The compact design of commercial products like our CITY MULTI® Variable Refrigerant Flow systems are a fit in most any application, especially in the mixed-use facilities that are likely to come from the demands of both a residential and commercial market.

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Written by MitsubishiHVAC
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February 19, 2016, 9:00 am

The Need to Go Green in a Costly Housing Market

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With the 2016 Primary Season in full swing, Joel Kotkin of The Daily Beast wrote Monday morning that the cost of housing has gone largely unmentioned among policy issues. Citing a study from Chapman University’s Center for Demographics and Policy, Kotkin argues that, “In 2015, the rise in housing costs essentially swallowed savings gains made elsewhere, notably, savings on the cost of energy.” In November of last year, Nielsen identified sustainability1 as a “shopping priority” for millennials, even to the point that they would pay extra for that sustainability. For presidential hopefuls, recognizing the impact of environmental demands on the needs of our country’s next generation of homeowners is a must, but acting on that information takes time.

What we in the industry can do is much more immediate and impactful. We wrote last week of the practicality of carbon-neutrality, but beyond that our ductless systems were among the first of their kind in the United States and have always worked toward energy efficiency. By minimizing the size of our units without sacrificing output, and by making personalized control more readily available, our systems can help reduce energy consumption. This curbs energy costs and makes our products ideal for the millennial consumer, while also easily adapting to future economic and environmental trends.

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February 2, 2016, 9:00 am

Marketing for Millennials

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Millennials’ tastes and demands evolve quickly – dictated by changes in the economy and technology, which impact what they purchase and how long they use it. Selling to this demographic comes with specific challenges, including being able to respond to these fluid factors. It becomes important to find the constant in all that shifting. The Responsive Home project – which studies market trends – recently identified one such constant in the millennial marketplace: “value.” Kevin McJoynt of Gerber and Danze said it this way: “Millennials want high quality at a fair price.”

As we continue to innovate, we know that establishing value for our end users means providing products that cost or use less. A recent Nielson study further proved this, claiming that millennials are placing an emphasis on buying sustainable products. Those of us in the HVAC industry are no stranger to the concepts of sustainability and efficiency. It’s no surprise to see these younger consumers learning what we’ve known all along – it makes sense to invest a little more up front if value is delivered over the life of a purchase.

From the professional side of the table, this finding that millennials prize value is nothing earth-shattering, but will be helpful to keep aware of when working with this age group. Planning with millennials in mind will not only help us all appeal to this next generation of home owners, but will ultimately prompt us to keep improving…because we all know that millennials love innovation!

Written by MitsubishiHVAC
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