If you own or manage rental property, then it is worth your while to market your property to the millennial generation and here’s why:
Millennials prefer renting over buying and they rent for longer periods of time. (1)
So it stands to reason that this a group you want to appeal to, but how?
Let’s take a closer look at who the millennials are and how to attract them to your property.
Who are the Millennials?
The millennials are the generation born between the years of 1980 and 2000, so the current ages of this group are just entering adulthood up to adults in their late 30s. There are about 80 million people in this age group, which makes up around 25% of our population.
Millennials grew up with technology and having the latest and greatest high-tech stuff is a high priority for them. They are well-educated, well-paid, and can afford the things they want. Many of them own their own businesses. They like to rent because they don’t want the obligation and commitment that a mortgage ties them to.
Since millennials prefer to rent over buying a home, what could make your rental property attractive to them?
What do Millennials Want in a Home?
Other than general demands such as a well-maintained property, Millennials have some very specific things they want in a home. And since they drive the market, they aren’t afraid to hang out a little bit longer in their parents’ basement until they find what they are looking for. We spoke with several property managers and found out that some of their top priorities include:
They look for properties that are convenient to work and play. Many of them grew up in the suburbs and heard the horror stories of rush hour traffic from their parents. They’d rather not waste valuable commuting. They also enjoy living in communities that have shopping, dining, and other activities close by.
Millennials grew up with technology. In fact, many of them taught their parents how to manage the different features on their smart phones, tablets, and other gadgets. This tech-savvy generation prefers advanced technology in virtually all areas of their lives, including their homes. In fact, many of them are willing to pay extra for smart home features. Something as simple as offering them the option to pay online is essential. Many companies are offering the ability to pay rent online. We spoke with Karen Joyal at Advantage Properties and she said the ability to pay rent online is definitely an added benefit for attracting millennials.
With news broadcasting 24/7, online and through cable channels, Millennials have been exposed to reports of robberies, murders, terror threats, etc. for much of their lives. They are not scared, but cautious. And they want to feel safe at home. So rental properties with double locks, gated communities, and security systems are all appealing to this generation.
An Area to Entertain:
Since so many people of this generation are putting off marriage and families, they often fill their spare time socializing with family and friends. Millennials like to entertain and be entertained. So, an area in their home or even a common area on the property where they can host guests is important.
Like technology, this group wants the latest and greatest amenities in their homes. Upgraded kitchens with modern appliances are important. Apartment complexes with beautiful, sparkling pools, weight rooms, and other features also attract this group of renters.
How to Attract Millennials to Your Rental Property
Even if your property has everything on the millennial checklist that constitutes the perfect rental home, you could still miss out on this group of renters. How so? Because of technology, of course!
Since millennials are such a high-tech generation, they use their smart phones, tablets, and computers for virtually everything, including finding their next rental home. One of the best ways to attract them to your rental property is to go digital.
List your property online and include great photos, videos, and descriptions of it. When you market your property online, include information about features that millennials desire (such as convenience, security, etc.)
Allow them the ability to contact you online, over social media, or direct message about the property. Accept applications and payments digitally. And make sure that your online content not only looks great from the computer, but it is also optimized for mobile devices.
So, if you want to attract more millennials to your property, make sure that meets the standards that they look for in a home, and utilize the power of technology and social media!
You can also choose to work with a Las Vegas Property Management Company and if that’s the case; contact us!