Millennial rental

9 Things to Consider to Attract Millennials to Your Rental Property

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Buying a home was the obvious life goal for previous generations, but now that story’s over. Newer generations like millennials are facing more difficult times, full of changes in culture, technology, and of course, in the economy. The world’s been turned upside down, and nowadays for a lot of millennials, it seems almost impossible to buy the perfect place to live with the average salary, which is why that generation is choosing to rent property instead.

Nevertheless, this isn’t as simple as it seems, even if you happen to own different types of property up for rent. The situation millennials are in doesn’t really scream “jackpot!” for you. Because just like every generation, they’re used to certain things and amenities, thus, they are looking for a place that has most of them; and guess what? You will have to adapt to this growing market if you want to keep your income safe.

What attracts millennials when it’s time to choose where to live?

Here are 9 essential things to consider when targeting millennial renters

1. Allow pets

Having a family does not always involve having kids, and millennials are fully aware of this as most of them tend to postpone getting married and be parents. In the meantime, they opt to have pets to keep them company. Finding a place that’s pet-friendly is almost an impossible task, which is why, if you decide to change your property’s norms to allowing pets, you will be receiving lots of calls from this big group of renters.

2. Have a techy approach

Technology is what drives millennials these days, whether to help them with work or just make their lives easier. You don’t have to go all Steve Jobs on them, but you do need to consider having a reasonable amount of electrical outlets with USB ports in your rental property or include appliances that offer more than just standard functionalities. Wi-Fi is a must, so be sure to hire a good and reliable company that can help you with installation and more. Maybe after doing all this, you might even want the same technology in your home!

3. Go green

These days are all about going green, not as a trend but as a new reality, taking care of the world will help us stay here longer. So millennials are constantly looking for ways to recycle or create products that are eco-friendly. They are environmentally conscious and passionate about issues such as global warming and reducing the carbon footprint. Landlords who want to attract millennials should be up to date with this and make an effort to offer eco-friendly features, such as an outdoor compost bin or at least, separate bins for recycling. Led lighting, solar panels, and similar home systems will also be much appreciated.

4. Keep things low-maintenance

When it comes to manual labor, this new generation is almost clueless, and if not, their non-stop activities make it impossible for them to even try. This means that if the property has a garden or an outdoor area that requires constant maintenance, you should consider including the cost of a garden service in the rent so you don’t see your leisure areas go to waste – and it makes things easier for the tenants.

5. Be flexible

This doesn’t mean you have to be flexible with paying due dates, but only mentally ready to have them renting on average for a short-term, as their lives are constantly changing and they might need to move to a place closer to whatever new endeavors may be in front of them. Short-term leases with the option to renew can be just what they’re looking for; so if you’re willing to do this, both parties can obtain great benefits out of it.

6. Go digital

This goes hand in hand with point #2, and we don’t doubt that you’re already on the digital landlords club, but if not, you should give it a try! As millennials are true digital natives and won’t be looking for a new apartment or a duplex in the local newspaper. Internet is where they will look for you, so you have to get your property in it as soon as possible and advertise your property using rental platforms, as well as social media if possible. They need the information at their fingertips, so they can contact you via direct message – preferably. Try speaking their language, is not as difficult as it seems, plus, not every single one of them is as we describe it.

7. Sell an idea, not a property (focus on the neighborhood)

Getting a property in excellent conditions might be important, but most millennials think the idea of being in a cool and secure neighborhood is more important or it can be even more appealing to them. If your property is near amenities such as gyms, gig venues, clubs, restaurants and similar, then you’ll have them fighting for your rental. Does your rental property have this? Don’t hide it! Write it in the description and highlight it somehow; you’ll instantly become the center of attention.

8. Have public spaces to gather

The contrary to what older generations may think about millennials, they are a generation that loves socializing and enjoying their time in public spaces to gather. If possible in your rental property, you can try and make a barbecue pit, or a seating area for parties. These details will mean a lot, and we’re sure that not only millennials will benefit from this.

Not certain about targeting millennials? Just remember that currently, there are more than 88 million millennials in America, and many are in the market for a place to rent. Buying a home is not in the near future for many of them,  so if you want to make the most out of this demographic trend, try the aforementioned tips and thrive to be appealing to this wave of young renters.

About the Author
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Grant Gerhart

ABR, CRS, e-PRO, GREEN, RSPS, SFR, SRS