Millennials have moved up to become the largest generation in the country today. More than half of the renting market consists of millennials. Landlords must consider their preferences when listing rentals due to their impactful dominance. The rising costs of home buying may prevent millennials from purchasing a property right away. Whether investing in an apartment, condo, or single family home, a new opportunity arises for landlords to win over this leading population of the renting market. Landlords attempting to appeal to millennial renters should understand what attracts this distinct demographic when looking to rent. Developing in an era that is constantly shifting has created the millennial renter who has different expectations and values.
1. Urban Location
Urban locations reap an influx of the younger generation looking for job opportunities- this is where millennials will first look to find a residence. The most common convenience they look for is entertainment spots within their neighborhood. Highlight the trendy up and coming shops that exist within a walkable distance. This group is not focused on quiet neighborhoods or kid-friendly parks.
Related: 6 Neighborhood Amenities for a Successful Residential Investment Property
Building a social life is of importance to millennials. They are naturally attracted to an urban location with amenities around the corner. Showcase the renovated museum, the five-star yoga studio, or the award-winning restaurants. Proximity to places such as work, grocery stores, and public transportation will be sure to also catch their attention.
2. Instant Communication
Growing alongside the digital age means that millennials are accustomed to instant gratification. Convenience is king to this population, and most tenants like to hear back immediately when communicating with their landlord.
Texting and email communication can create a casual space for minor concerns to be expressed. Millennials love texting and would appreciate a landlord who could relate to them and answer back instantly. Allow them to send you a text when the faucet is leaking or the paint is chipping. Accessibility and a rapid response rate go a long way. Keep in mind that you still need to consider the legal regulations when addressing your tenant.
3. Popular Eateries
The foodie era is synonymous with the millennial generation. Advertising neighborhood restaurants and popular eateries will fulfill their food fascination. It’s important to recognize their passion for tasty dishes. Unlike past generations, millennials will go out of their way for the perfect Instagram picture of avocado toast.
Demonstrate the strong food potential of your rental property’s neighborhood by highlighting the best eateries, coffee shops, and craft breweries. Millennials are the generation to take food seriously and consider tasting popular dishes a passion. Talking with owners and managers about exclusive local discounts could be a winning factor for this hungry group.
4. Available Parking
Most first time landlords wouldn’t think that having a car is a burden when renting. Make it easy for your tenants by offering assigned parking and visitor parking. The last thing millennials want is to go hunting for parking when they get back from work. Parking issues easily arise when multi family properties don’t have an organized parking infrastructure.
Accommodate to the social needs of millennials, make it easy for their friends to come and go. Parking permits can allow them the freedom to invite their friends over without the hassle of searching for parking. Landlords can manage their parking situation more efficiently and know who is always on their rental property.
Your chances of renting to millennials skyrockets when you make a unit available to pets. This specific group is not looking to have kids any time soon. Millennial renters often adopt pets to practice responsibility in caring for their future children.
Most landlords oppose the idea of animals cohabiting with their residence due to possible damage. You can charge a monthly fee for any damages that may occur. A larger security deposit and considerable room for generating a higher profit every month are some advantages. Ask for references when allowing pets on your rental property to further mitigate the risk. Requirements such as certain breeds, neutered pets, and calm temperaments can be used to vet animals when deciding.
Related: How to Set the Best Pet Policies for Your Rental Properties
6. In-Unit Washer and Dryer
The millennial generation cannot relate to visiting laundromats due to the rise in technology. Having an in-unit washer and dryer is a necessity for most young renters. Units with updated technology such as high-speed WIFI are going to be in demand by this group.
Equipping your rental unit with washers and dryers give you a higher score on the convenience factor. Having a washer and dryer is the bare minimum and will be highly coveted. When most of your competition is trying to figure out a laundry service, looking into these updates will set you apart.
7. Flexible Renting Agreements
Renting a property with a month to month lease or a six-month contract will be attention-grabbing. Making the least amount of commitment is sought-after for this fast-paced demographic, especially when they’re learning how to first balance their bills. Most millennials have acquired student debt or loans. Opening renting agreement terms can make it flexible for them to have custom payment plans, cohabiting relationships, and adaptable living arrangements. Creating adjustable renting agreements will satisfy millennials who are continuously changing their lifestyle.
Related: 9 Things Every Tenancy Agreement Should Include
8. Resident Activities
Whether you throw a pool party or have a movie night on the lawn, millennials love getting together for an eventful time. Many apartment complexes will host trivia nights or painting activities for residents to get to know each other. These events help promote the features in your complex, and in turn, your residents will become more acquainted with their building.
Creating a small budget and spending some time to encourage communication will attract this generation. Getting to know your neighbor goes a long way when calling a place home. Cultivating a sense of community will not only attract millennials but it will also encourage your current residents to prolong their stay.
Update your renting mindset to make your investment property more desirable to millennials. This group takes pride in modern amenities, social activities, and approachability. If you want to keep your units occupied, have these details in mind when making yourself accessible to the largest group of renters to date. Managing rental properties can be enough of a challenging, being up to date with the current renting population will put you ahead of the competition.
This article has been contributed by Anais Jun.