How to attract millennials to your rental property
Any property owner or manager looking for tenants should seriously consider millennials. To start with, most millennials are at a stage in their lives where renting is the most practical option. Although the majority of millennials are working, most have not yet accrued enough resources to own property. As such they prefer to rent than to buy property. Here are a few tips on how to attract millennials to your rental property.
One undisputed truth is that we are living in the digital era and millennials are the custodians. As such much of the property searches conducted by millennials take place online. Moreover, millennials demand a lot of convenient and seamless transactions. Keeping this in mind, you must ensure viewing your properties and applying for them simple and straightforward. In addition, make the entire exercise convenient and appealing. Most millennials own and conduct a lot of their affairs on their smartphones. Thus you must be able to communicate with them in a manner that is easy for them to appreciate. You must also make use of social media to communicate with millennials more effectively. Furthermore, you must make sure your properties reflect your tenant’s lifestyle. For example, you can provide WiFi in your rental properties.
On average, the majority of millennials live sustainably and they are environmentally friendly. This includes being conscious of pollution, as well as being concerned with the overuse of natural resources. As a result, millennials respond favourably to eco-friendly homes that are energy efficient. For example, you can use a solar water heating unit instead of electricity. Incorporate convenience, as well as eco-friendliness to your properties to appeal to millennials.
Millennials usually like meeting people, interacting and socializing. As such they prefer rental properties that are in close proximity to social amenities. Remember that the more appealing the general area and it’s surroundings are, the more millennials will want to live there. An abundance of diverse and cultural intriguing social activities will also draw the attention of millennials. In addition, millennials have a strong preference for rental properties that have entertainment areas. Social amenities help tenants relax and have fun, and happy tenants tend to stay longer.
Most property owners are reluctant to allow pets on their rental properties. This is primarily due to the potential risk of damage that pets pose on properties. However, Millennials account for almost a third of the world’s pet owners. As such, if you do not allow pets then you are significantly reducing your potential market. Do you really want to eliminate this lucrative market? It might be worth it to reconsider your position and tap into this market. One way to help you simplify this decision is to plan for pets right from the onset. For example, use hardwoods and composite floors in your construction as these will withstand pets better than carpets.
There are millions of millennials worldwide, with many of them preferring to rent a property than buy. It makes a lot of financial sense to tailor make solutions for this demographic. Remember to modernize your properties and maximize their appeal to millennials.