It is no secret that the state of the economy in the United States has changed the way virtually everyone thinks about their money. But a new article from Bloomberg suggests that more than anyone, the spending habits of recent college graduates and other young adults have been severely impacted. Whereas previous generations quickly followed their college diplomas with a new car or even a mortgage, today this is rarely the case. Rather, young people have begun to delay or even eliminate these kinds of major purchases from their immediate future plans.

Reduce, Reuse, Recycle

The fact is that college graduates and young people today have begun to expect and live with less. Their average salary is lower and they have more student loan debt than any previous generation. For many of them, big spending is just not in the cards. This generation has had to make hard decisions about whether they really need a car payment when they could ride a bike or whether they need a new refrigerator when they could get one on Craigslist, or even rent one. Buying used and spending less have become ingrained in many people’s mind. And buying a house means spending A LOT, which is scary and oftentimes impossible.

Flexibility is Key

Even as the economy begins to recover, it is still difficult to enter or re-enter the workforce. Not only does this threat of longterm unemployment mean that many renters simply do not have the capital to consider buying a home, it also means that when they find a job it may not necessarily be in the zip code, or even the state, where they currently live. This is certainly a major factor in what seems to be a generation of renters. After all, it is much easier to break the lease on an apartment, even if that means a financial penalty, than it is to sell a house. This is why the rental market will mostly likely continue to do business with members of this generation that need both the savings and the flexibility that it offers.

What This Means for Landlords

You may be wondering as a landlord or property owner, how to best go about catering to this vast, educated market, many of whom have the potential to be great tenants. In order to attract this younger generation, it may be important to make a few changes to your property and your process. First, this generation is virtually obsessed with technology. Any way that you can make your property technology-friendly, whether that is online rental applications, free WiFi by the pool, or paying rent via PayPal, will be an attractive feature. The youngest of the generation who are coming straight from college also often tend to want a sense of community, like they may have been used to at the dorms. Community areas like rec rooms or courtyards are good for fostering this kind of feeling. Finally, be amenable to the flexbility that they may need. Of course, you do not want every tenant running off for a job across the country every few months, but you can still be flexible. Being a good landlord to good tenants will see them telling their friends about you and ultimately keep your building full.

Although the economy is on the upswing, it most likely be quite a while until this “recession generation” feels stable enough to plunge into the real estate market en masse. In the meantime, property owners should make an effort to be millennial-friendly whenever possible because they are not going anywhere — except maybe their parents’ basements.