Buying a home was the undeniable life goal for preceding generations, but today, that story’s over. Newer generations such as millennials are facing more difficult times, to the brim with changes in culture, technology, and of course, in the economy. The world’s been inverted, and for a lot of millennials, it seems almost impossible to buy the utopian place to live and pay it with their average salary; the reason why this generation is choosing to rent property instead.
Nonetheless, this isn’t as simple as it seems, not even if you happen to own different types of property up for rent. The situation in which millennials are doesn’t actually mean “jackpot!” for you, a landlord. 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 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 8 essential things to consider when targeting millennial renters:
1. Allow pets
Having a family does not always involve having kids, and this is a fact millennials are fully aware of, as most of them tend to postpone getting married and be parents for the sake of their own well-being and economy. 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 rules to allow pets, you will be receiving many calls from this big group of renters.
2. Have a technological approach
Technology is what drives millennials these days, whether to help them with work, school, or just to make their lives easier. You don’t have to know every detail of modern tech, but you do need to contemplate having a reasonable amount of electrical outlets with USB ports in your rental property or include appliances that offer more than just common functionalities. Wi-Fi is a must, so be sure to hire a good and reliable company that can help you with installation and more. You might even want the same technology in your home after applying all these changes, don’t you think?
3. Go green
Nowadays is all about going green, not as a trend but as a new reality. Taking care of the world will help everyone stay here longer. Millennials are constantly looking for ways to recycle and use products that are eco-friendly, which clearly means that they’re 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 these elements and make an effort to offer eco-friendly features – an outdoor compost bin, separate bins for recycling, led lighting, solar panels, and similar home systems.
4. Keep things low-maintenance
this new generation can be clueless when talking about manual labor, and if not, their non-stop activities commonly make it impossible for them to even try. If the property they want to rent has a garden or an outdoor area that requires constant maintenance, you should consider including the cost of a garden service in the monthly payment so you don’t get to see your leisure areas go to waste, plus, this will make tenants life easier.
5. Be flexible
This doesn’t mean you have to be flexible with paying due dates or something similar, but only mentally ready to have millennials renting on average for a short-term, as their lives are constantly filled with uncertainty, so much that they might need to move to a place closer to whatever new endeavors could be waiting for 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
We don’t doubt that you’re already on the digital landlords club, but if not, you should give it a try! Why? millennials are true digital natives and – let’s be real – they won’t be looking for a new apartment or a duplex in the local newspaper. Internet is where they will look for their place to live, where they will look for you, so you have to get your property in it as soon as possible, as well as advertising it properly by using rental platforms. If you could put it on social media too, that would be a great extra. Millennials 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 in this article.
7. Sell an idea, not a property (focus on the neighborhood)
Having a property in excellent conditions might be important, but most millennials think that the idea of being in a cool and secure neighborhood is more important – or more appealing to them – than having quality furniture or similar. If your property is near amenities such as gyms, gig venues, clubs, restaurants and so on, 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; you’ll instantly become the center of attention.
8. Have public spaces to gather
Contrary to what older generations may think about millennials, this is a generation that loves socializing and enjoying their time in public spaces to gather, talk and make connections. If feasible in your rental property, you can try to make a barbecue pit or a seating area for parties. What’s important is that these details mean a lot to them. We’re sure not only millennials will benefit from this.
Are you still not certain about targeting millennials? Just think that currently, there are more than 88 million millennials in America, and many are on the lookout for a place to rent. Buying a home is not in the near future for most of them, so if you want to make the most out of this demographic trend, don’t hesitate in considering the aforementioned tips, and thrive by being appealing to this wave of young renters.