As the generation that makes up a majority of the rental market, millennials have different renting habits than the generations before them. Most millennials graduated college and entered the housing market during the Great Recession, carrying student loans and less disposable income. With less disposable income, the ability to place a down payment on a home is more difficult but the good news is that millennials are renting longer than previous generations before purchasing a home of their own.
Are you ready to capture the millennial market? Here’s what you need to know.
Millennials Prefer for Urban Living
Even in suburban towns, millennials prefer the convenience and amenities of urban living – coffee shops, public transportation, nightlife, and the like. If these are not conveniences of your rental property, don’t fret! Promoting the features of your property (Is it on a residential street? Are there newer renovations?), local community features such as events, and the ability to easily get to different places even if it requires a car, bike, or other modes of transportation.
Millennials Rely Heavily on the Internet
From the process of searching for a new apartment to paying rent and getting in contact with their landlords, millennials rely heavily on the Internet. And let’s face it: it can make things a lot easier! If you don’t have a website for your rental properties, focus on ensuring your apartment listings include as much information as possible (photos, dimensions, etc.) and work on your reviews! If you’ve had some great tenants in the past, don’t feel like you can’t ask them for an online review. It’ll do wonders for the number of inquiries you get when you list a new property for rent.
What Millennials Take into Account When Looking at Apartments
Besides the convenience of community features, millennials tend to be more particular about the features of the apartment itself than other generations. With the right upgrades, tenants are more likely to stay in an apartment longer, reducing tenant turnover rate and making you more money.
- Modern design – Millennials tend to be drawn to apartments with an updated feel. Think new appliances, white trim, and lots of windows.
- Technology – As a generation that grew up surrounded by technology, having an apartment that features updated technology such as digital thermostats, air conditioning, and in-unit laundry tend to be more important.
- Open concept – Even if millennials aren’t entertaining as much as their parents, having an open concept is a request from most potential tenants. Even if you can’t provide a fully open concept space, having a kitchen that isn’t closed off can make a huge difference!
- Outdoor space – Having a patio or balcony is not a necessity but if your rental property does have one, marketing it can help increase the number of tenants interested in your unit. After all, it is a great feature!
Are you ready to tap into the millennial market? Contact Lamacchia Property Management today at (855) 213-3410 to learn more about how we can help!