Understanding who your clients are is essential. Managing a rental property, be it a single unit or multiple, is no different, and since a vast majority of the Millennial population rents, it’s imperative to understand what they’re looking for when it comes to renting to Millennials.
There are a few key questions that need answering when renting to Millennials: who they are; what they want; and how to attract them to your property versus your competition’s.
Who Are Millennials?
To put it simply, Millennials are those born between 1980 and 2000 and are estimated to number close to 80 million people or about 25% of the population. Last year alone, an estimated two million new households joined the rental community, many of them from the Millennials. It’s hard to ignore the wants and opinions of that many people!
What Do Millennials Want?
Accessibility and amenities are the top two things on the list of what Millennials want. They want to live close to where they work and near their favorite things to do. Having grown up in the age of gadgets, Millennials also want the latest amenities. One article even mentioned questions arising on whether or not the floor plan of the unit would allow for an even Wi-Fi signal throughout the apartment. Millennials are also entertainers, so open spaces allowing for social gatherings are a must-have as well. Safety and nice kitchens also made the top 5 for what Millennials want.
How Do You Do You Attract Millennials?
One word: Online. Having your advertisement, your application, payment options, and just about everything else online is a sure way to set you above the rest in the eyes of Millennials. In fact, it’s expected. When everything can be done online from your phone or computer, there’s really no excuse not to do so. Not only is it convenient for them, but for you as well. However, having a customer base that’s constantly plugged in also means you need to do your research when determining your price and value. Odds are, they are too. Your home will be compared against others in just the palm of their hand.
Pets are also a high necessity. Research shows that 76% of Millennials come with a furry-friend, so advertising your home as pet-friendly is a sure-fire way to put you above the rest. Technology again plays a big role here, as often times searches allow prospective renters to filter properties based on whether or not pets are allowed. If you list your property as not allowing pets, you run the risk of your ad not even showing up. Even if you’re not 100% set on pets, consider advertising that pets are negotiable. This gives you the ability to look at each case separately and means your advertisement isn’t excluded from those filtered searches.
Understanding is key and the same goes when renting to Millennials. When you know and understand a large portion of your client base and what they’re looking for, it gives you the upper hand. Not only will you be able to market your home to the best of your ability, but managing it long term becomes just a little bit easier when you understand who your tenant is and what they look for when renting.