When it comes to renters, majority of them are millennial renters. The United States is home to more than 88 million young adults. These people, now in their twenties and thirties, have developed their own unique characteristics as a result of the economy they’ve grown up in and the technology they’ve grown up with.
Millennials are rapidly increasing their share of the population living in detached rental homes. To capitalize on this generation, business owners can study what draws millennials to similar properties. Young adults nowadays are drawn to value, ease, and belonging. Because they’ve always had access to the web and other high-tech gadgets, they spend a lot of time there. Millennial renters, favor using websites or smartphone apps for many everyday regular tasks. They take it as a given that they can do it.
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Focus on Form and Beauty to attract Millennial Renters
Most millennial renters nowadays want their homes to reflect their individual aesthetics and the cutting edge of modern design. Tenants will be more at ease and willing to use their imaginations if the area is well-lit, airy, and painted in neutral tones.
Use furniture with clean lines and a modern taste to make the space in a vacant rental appear larger. Minimize the number of decorations and make sure they all fit in with the overall theme. Distracting and making the unit look older are mismatched styles and color palettes.
Among the most important criteria for a rental property for today’s young adults are:
- Upgraded or contemporary kitchens
- Wooden floorboards
- Hidden compartments
- Mid Century modern and minimalistic styles
- Effective use of available space
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All of the Necessary Conveniences
Experiential opportunities are attractive to younger renters. It’s not necessary to have an Olympic-sized pool or ice baths in order to greatly increase the value of your rental home, although offering amenities will help. Here are a few rental options that are common among members of Generation Z and Millennials.
- Internet access at a rapid speed
- Gymnasium and fitness center
- Package delivery management
- Shared office space
- Green space and environmentally conscious design elements in the property
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Adopt Digital Services on the Leasing Process to attract Millennial Renters
It is common knowledge that millennial have a strong grasp of technology and are at ease using various forms of digital communication. This younger generation values efficient processes that may be completed online or using an app. These processes include paying rent, submitting requests for maintenance, and communicating with their landlord, which makes easy for millennial renters.
You can make it simpler for your tenants to carry out these tasks with the assistance of a number of apps and platforms that are available to you. However, it may be challenging to select the appropriate one and tailor it to meet your requirements if you do so on your own. Landlords can also become digital, read 5 Ways To Get Started As A Digital landlord.
If you choose to engage with a property management business, you will have the benefit of utilizing their available technology and tools, which will allow you to streamline the process for your renters and maximize their satisfaction. When it comes to helping you fill vacancies in your rental properties, seasoned property management businesses employ the most innovative and cutting-edge digital marketing methods available today. When it comes to renting to millennial, giving oneself an advantage over the competition means digitizing the entire process from start to finish.
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Make it Possible for Millennial Renters to Have Pets
Millennials account for 35% of all pet owners in the United States (and this number is still growing), and 76% of all Millennials have pets. Because of this, the market for goods and services related to the care of pets has grown to a whopping $261 billion industry. In addition to that, they have a deep love for their animals.
Considering that 82% of millennials consider their dogs to be members of their families, the possible resident’s pets’ quality of life is likely to be a significant consideration in the choice of where to live for that potential resident.
A policy that allows pets to live in the unit can also help you stand out from other similar units in the area, some of which may have more stringent pet policies. Pet Screening and other technologies like it make admitting pets on your property significantly less of a hassle and a potential liability, but you still need to make sure that your units are ready for pets and that your policies are up to date.
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Promotion of the Location and the Surrounding Area
When marketing to millennials, it is imperative that you provide specific information about the neighborhood surrounding your property as well as the benefits associated with its location. This is yet another key point to keep in mind. Millennial renters want to feel proud of where they live, and a huge part of that pride comes from the things that are accessible to do and see in the surrounding region of their home.
Additionally, millennial renters are looking for convenience and want to live in close proximity to the essentials such as restaurants, bars, entertainment, grocery shops, and gyms in addition to other cultural centers in the neighborhood. Millennials are also interested in saving money. If you want to have the greatest possible impact on people of this generation, make sure that any marketing materials you create take into account factors such as the location of important landmarks, dog parks, farmer’s markets, and hiking trails in the immediate area.
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Make places for people to congregate in the community.
Additionally, millennial renters have an interest in places where they may congregate with their families and friends. They desire a home that provides the ease of having common spaces directly on the site where they will be living. In order for this generation of tenants to be able to organize get-togethers, socialize, and work, it is extremely important to have amenities such as a clubhouse, pool, barbecues, picnic areas, and business centers.
Why Should You Cater Millennial Renters?
As a whole, millennial renters are not in a hurry to become homeowners, making them one of the demographic groups that are the most significant contributors to the relevance of the renting market. Millennials are saddled with higher levels of student loan debt than any other generation before them. As a result, they are less inclined to buy a home, which would put them farther in debt. Instead, they are prepared to rent for an extended period of time.
Get in touch with our Triumph Property Management Company, Las Vegas as soon as possible to schedule a consultation and learn more about the ways in which we can assist you with managing your rental property.