One of the most talked about generations of late is the millennials, the highly sought-after individuals who are coming of age and ready to take on the world. Millennials were born between 1977 and 1995, and today outnumber Baby Boomers by 11 million. A recent report by CNN finds that the most common age in America last year was 22.
Overall, millennials prefer to rent when they are first starting out and also prefer to stay as a tenant for longer periods of time as compared to older generations. They are putting off having families and focusing on their careers, and many feel renting frees them up from time-consuming chores like lawn work.
If you want your rental properties to compete for the attention of the millennial renter, review this list of millennial must-haves and decide how you can incorporate these suggestions to appeal to millennials:
Location Matters
Millennials enjoy spending time close to the community they live in, especially if they can walk or take mass transit to a restaurant or concert. Highlight points of interest in your listing like parks, coffee shops, community events, and nearby bus or train stops.
Consider Becoming Pet-Friendly
A significant number of millennials love their kitties and doggies, and many report difficulty in finding Fido-friendly units. Property owners should consider allowing pets in their rentals to open up the potential tenant pool. Already allow pets? Think about adding designated dog run or fenced area to entice pet owners.
Millennials Are Very Green
In your listings, highlight any green initiatives you already have in place. Consider incorporating recycling and composting to your rentals. If it is feasible, look into adding energy efficient appliances to your units and eco-friendly building materials for improvements down the line. At the very least, change out the old light bulbs to energy efficient bulbs and make sure the windows and doors are properly sealed for maximum heating and cooling benefits.
See our June 15 blog post for more ideas on how to add energy efficient upgrades to your rental properties.
Get Online
In general, millennials are very tech savvy and tend to communicate by email and text message. Offer free Wi-Fi in all rental and community areas.
Need assistance updating your rentals to suit the needs of millennials? As a full-service, professional leasing and property management company in Montgomery County, our sole full-time business is that of identifying good tenants, tailoring leases to owners’ needs, and managing properties to keep good tenants happy. Contact us today!
