Unlike previous generations, there is a growing trend amongst millennials to rent property instead of buying their own. While that could be music to your ears if you own a rental property, it also means that you need to take steps to make your property as attractive to this growing market as possible.
A key way to do this is to understand the unique needs of millennials and then adapting your approach, and your property to meet or even exceed their needs and expectations.
Here are 7 things to consider when targeting millennial renters:
1. Go Green
Millennials are incredibly environmentally conscious and passionate about issues such as global warming, supporting sustainability and reducing their carbon footprint. As a potential landlord, the more eco-friendly features and options you can offer millennials, the better. Consider installing an outdoor compost bin or providing separate bins for recycling. Also look at ways to make your property more energy-efficient through the use of LED lighting, solar panels or even a solar geyser.
2. Allow pets
It’s a common trend amongst millennials to postpone getting married or having children, and as a result, many millennials opt to have pets living with them. It’s often extremely difficult to find rental properties that are pet-friendly so if you do choose to allow pets, you already stand out from many other potential properties.
3. Be tech-savvy
Millennials are incredibly reliant on technology. While you don’t have to get too technical, consider small touches such as electrical outlets with a USB port or a appliances that offer more than the standard functionalities. It also goes without saying that WiFi is an absolute must, so be sure to offer them a fast and reliable line or be prepared to install one if need be.
4. Keep things low-maintenance
There are very few millennials that enjoy the manual labour required to maintain a garden or outdoor area. While they enjoy spending time in these areas, they often don’t want to be responsible for having to look after them. If your property does have a garden or outdoor area that requires constant maintenance, consider including the cost of a garden service in the rent so as to make things as easy as possible.
5. Be flexible
Most millennials are attracted to the short-term commitment that renting offers them, especially given the pace at which their lives are constantly changing. The ability to move is therefore very important to them, so shorter-term leases with the option to renew are a lot more attractive. Although millennials aren’t actively looking to get out of a longer lease, many will avoid them to allow themselves the freedom to pursue any opportunities that come their way.
6. Sell the neighbourhood
For millennials, a neighbourhood and what it has to offer can be as important as the property itself when it comes to making a rental decision. It is therefore worthwhile researching and highlighting places that are within close proximity to your property, such as bars, clubs, gyms, gig venues and restaurants or even artisanal markets and concert venues. Sharing this kind of information with prospective tenants could make all the difference and really go a long way to seal the deal for them.
7. Go digital
As mentioned previously, millennials are true digital natives and probably won’t be looking in the newspaper for potential rental properties. Their first port of call will always be the internet so be sure to make viewing your property and asking any upfront queries as easy to do online as possible. Also make sure to advertise your property using social media as well as online rental platforms such as Private Property. The less millennials have to dig for information the better, so having all your property information at their fingertips is an absolute must. That being said, once the lease is signed, be sure to make yourself available to communicate with them online, as most millennials prefer text or direct message to a phone call or face-to-face communication.
While millennials have different attitudes towards renting than generations before, it’s not difficult to market your property to them. By speaking their language and implementing one or two of these suggestions, you can certainly attract them and potentially even keep them around for the long haul, which at the end of the day, is the best outcome for any landlord.