More people are renting today than ever before, mostly because of the millennial generation, or Generation Y. This group of people includes anyone born between 1980 and 2000, and they’re an ideal target audience for your rental property. They love the freedom and flexibility that come with renting rather than buying. With that said, they aren’t the easiest bunch to please. Most millennial renters are looking for a specific set of features in their rental property.
1. Central Location
Most millennial renters want to be as close as possible to many things, which is why they prefer urban, apartment-style living. In most cases, they’ll pay more than standard market value, and give up other amenities, if it means landing a central location.
2. Smart Home Automation
This generation is one of the first to be utterly immersed in technology, and they want it everywhere. Aside from being digitally connected through Internet and cell service, ideal millennial rental properties will have smart home automation.
Smart-home automation basically means that all of your gadgets and devices are linked together on the cloud. You can control temperature, lighting, security, and more from a single device, such as a smartphone, and these devices can detect your habits to create a better living experience. A property doesn’t need all of these things to be appealing to millennials, but one or two of these amenities won’t hurt.
More than 70 percent of millennial renters have pets, which means that pet-friendly living quarters will be high on their list of must-haves. It can be a big risk for a landlord to allow pets, but it doesn’t have to be if they take the right steps. You could separate a multi-unit property into pet-friendly and non-pet friendly units to appeal to both types of renters. You might also consider adding certain stipulations to the contract to ensure that your property isn’t destroyed without compensation.
4. Online Services
You can bet that the majority of millennial renters use their smartphones and mobile devices for almost everything, including finding and applying for rental properties. If you want to speak their language, make sure that your contracts and applications are all online.
5. Green Features
If you’ve noticed an increase in environmentally friendly talk lately, Generation Y is the cause. They’re interested in sustaining the world around them, which means they want environmentally friendly features where they live. These kinds of features can be as complex as solar panels on the rooftop or as simple as adding recycling bins to the curb. Whatever you do to make your property more eco-friendly is sure to appeal to this particular group.
For these renters, a large part of sustaining the environment is living in a place where they can walk, bike, or take public transit to work and other popular points of interest. These renters are generally less concerned about good schools than they are about convenience and proximity to everything.
7. Compelling Marketing
The cheesy marketing tricks of the past are no good on millenials. They’re always digitally connected and are more likely to be swayed by clever, humorous marketing schemes than flashy signs and lists of amenities. They want to feel connected to the marketer, whether through social media or through the personality that’s used in advertisements. All in all, if you want to market effectively to this group, you’ll need a social connection and a creative plan.
8. Flexibility of Contract
The main reason that they love renting is the flexibility that comes with it. If you try to trap millennial tenants into a 2-year contract, they’ll flee. It’s better to give them a short-term contract, and entice them with a great property and priceless amenities,than to try to trap them into a long contract, which will scare them away.
9. Extra Amenities
One of the main things that this generation watches for when property shopping is the amenities included in the price. Many apartment complexes offer amenities, such as laundry, gyms, clubhouses, and movie screening rooms, which are free to renters. They love them because the cost of each of these individual amenities would be much higher as a homeowner.
The millennial generation has come to expect honest customer service in all of its dealings, and this includes landlord services. They don’t want to be duped into anything, or be confused by a website or marketing scheme. The more transparent a service is, the better.
11. Entertainment Abilities
This group loves to entertain and to socialize, and properties without the proper layout and nearby amenities won’t cut it. When you market your properties, include as many nearby entertainment amenities as possible, including arenas, coffee shops, clubs, concert halls, and more.
A high percentage of millenials aren’t interested in renting a property in a sketchy metropolitan area. A majority of these renters live alone, making safety the number one priority. Besides a safe neighborhood with low crime rates, security systems, deadbolts, secure windows and doors, and well-lighted entrances are extremely appealing to solo renters.
13. Outdoor Recreation
This generation loves the option of nearby recreational areas where they can go hiking, biking, running, and more. Include this information in the listing details. For this reason, areas within an hour’s drive of bodies of water, parks, and hiking trails are rental hotspots. If you can find a property that has these amenities, but is also in the middle of the city, you’ve hit a gold mine.
14. Well-Maintained Property
Millenials love renting because they don’t have to maintain the property themselves. They aren’t lazy, by any means, but they have a different value set that leans toward the convenience of having a property maintained for them. This means that, if you want to attract this group, you need to have a history of well-maintained properties.
That’s where Green Residential comes in. Our team of experts is devoted to caring for even the smallest details of the property, in order to give your tenants a home of which they can be proud. We handle all of your maintenance and landscaping needs in an honest, timely manner. Both you and your tenant won’t have to do a thing after you’ve submitted the request, and you can both enjoy the luxury of a well-maintained property. For more information about how we can keep your property at the millennial standard, contact us today!