The best ways to capture the Millennial market in your rental business
You may be wondering how to cater to the renters in the younger generation who are beginning to move in. In fact, you should—millennials are staying in the rental market through their 20s and mid-30s. Millennials were hit the hardest by the recession, so they are now just getting on their feet, paying off student loans, marrying later, and delaying the cost of mortgages to lessen their debt. These are the ways to attract Millennials to your rental property.
- Conveniently Close to Work (and Play). Millennials who are not settled into homes are more likely to seek a rental unit that balances work and play. College students and recent graduates may stay near a college hot spot such as a beach for a year or two, but once they get settled into graduate school or a full time job, they will seek more affordable options that give them the best of both worlds. Other renters, such as families, will want to be nearer to schools for their children, and the older generations may try to stay close to their children or grandchildren. However, millennials who are renting are still likely not to have children yet, so his or her concern will most likely gravitate toward work and play. Many Millennials will even do without cars if feasible, so if they can walk or bike to work, it is usually a huge plus.
- Diverse Entertainment. As mentioned above, Millennials do not settle down until much later in life than did previous generations. One of the trends among Millennials is their desire stay close to entertainment. While other generations might have invested as much time as possible into rising in the ranks of business and building a 401K, Millennials take more of a laid-back approach. Therefore, many of them will still be live on the social scene for many years. One thing is for certain, and that is that Millennials like to mingle. Some Millennials may be drawn to the downtown life, where they can enjoy sophisticated restaurants and fast-paced nightlife. Others like to be near hip eateries, breweries, coffee shops, and other small businesses that are likely run by other Millennials.
- Large Communal Spaces. Millennials range in age from about eighteen to thirty-five (anyone younger is considered Generation Z, although the name is indefinite). Because of this, they are all in various transition states. Imagine being in your twenties or early thirties and not having a family! What would you do? The trend is that many Millennials like to spend their free time doing a lot of recreational activities together. Therefore, if you own a townhome in a complex with a game room, a pool, a grill, or more. If you do not have these features as part of your complex, be sure to note what you are close to, such as parks, hiking trails, or bars.
- Environmentally Conscious. Individuals may vary, but popular opinion of the Millennial generation states that they are very conscious of the environment. They grew up conscious of advancements in solar and wind technology, energy efficient vehicles such as the Prius, and were exposed to disasters such as oil spills and an enhanced awareness of global warming. More landlords are upgrading their homes and multi-unit properties with green technology. Seeing some form of green technology on a rental ad will certainly attract the eye of a Millennial.
- Online Convenience. Millennials are glued to their phones, their laptops, their tablets, etc. The general rule is that if they can perform a task with technology, then why do it any other way? Advancements in technology have now allowed credit checks, background checks, and even paying rent to all be completed digitally. This is also convenient for you. You can keep your rent secured by using automatic deposits transferred from your tenant’s bank account to your own using a site like Cozy. Likewise, do not be surprised if your Millennial tenants prefer to email or text you rather than call. They do not mean to be rude, in fact many Millennials prefer to text or email you because they do not want to interrupt you and you can reply in your own time. If you want to keep in touch by calling, make sure you let them know when you first interact with them.