The most successful landlords stay tuned in to the current generation and their wants, needs, preferences and quirks. Millennial renters will be a large rental demographic going forward, so it’s wise to know a bit about them. Each new generation gets a nickname, and the current one that’s hitting their stride is the Millennials. Millennials were born between 1982 and 2004, and many of them are reaching adulthood at this time.
The following are five landlord tips for making rental opportunities appealing to millennial renters and playing up the features they’re looking for:
1. A Focus on the Kitchen
Millennials are into cooking for themselves and having communal meals with friends, so the kitchen tends to be a focal point. Ensuring that rental kitchens for millennial renters are updated, set up ergonomically and have plenty of storage are a few things landlords can do to make them more appealing. Eco-friendly features in the kitchen and throughout the home are also a plus.
2. Embracing the Minimalist Lifestyle
Millennials were hit hard by the recession of 2008, and many are reluctant to make big purchases or take on debt. In truth, Millennials prefer renting to owning a property, so landlords have that going for them. Many prefer to take public transportation rather than own a car, so landlords should emphasize these options around their millennial renters. Bus routes, light rail stations and bicycle-friendly trails are just a few examples.
3. Be Pet Friendly
It has been estimated that the majority of all Millennials own some sort of pet, so allowing pets is another key to drawing millennial renters in as tenants.
4. High Tech Features and Additions
High tech upgrades of any kind will be immediately appealing to millennial renters. High speed internet service as well as cable television or satellite TV service can draw them in. Built-in docking/charging stations, electronic keys and appliances with cutting-edge “smart” features are all appealing as well.
5. Play Up Nearby Entertainment Options
Millennials are all about work-life balance, and they enjoy unwinding in coffee shops, trendy restaurants, hip bars and concert venues. Landlords should make sure to list all of the area entertainment options in their property rental ads and marketing materials.
Millennials are a unique generation who love to rent, but who are also looking for specific features. Landlords should consider these five tips to more effectively market to millennial renters. Responsible background checks and tenant screening should also be used to connect with the best candidates possible.