The article gives some good insights into what Millennials renters look for in apartments.
Millennials, 18 to 30 year-olds, have taken the rental housing market by storm. It is estimated that this generation make up nearly 40% of the housing market, and 90% of them are renters. Millennials recognize the many benefits of renting – many of which have nothing to do with money.
This trend offers a lot of opportunity for property owners, but appealing to this crowd means more than adding bike storage, being close to the farmer’s market and launching a mobile-friendly website. Investing in the right amenities and marketing strategies, understanding how to appeal to the Millennial renter mindset, and knowing how to keep them happy means you’ll be able to cater to this market with success.
We’ve put together this list of things Millennial renters can’t live without to give you a snapshot of what makes them so different and what you can do to attract them to your property.
Millennial Renters Love:
1. Extra Amenities
Amenities such as electric car charging ports, gyms, movie screening rooms and storage lockers would come at a significant cost to homeowners. When included in the cost of rent, these amenities are quite appealing to the Millennial generation. Consider upping your amenity game by thinking of opportunities to wow. Even having consistent cell phone reception throughout the building is an amenity that Millennials, many of whom don’t have landlines, expect and willing to pay a premium for.
2. Furry Friends
It is estimated that more than 76% of Millennials have furry friends. If your rental property is not pet-friendly, you’re only attracting 24% of this huge market.
This may sound hard to believe, but more than 22% of Millennials have never written a physical check. Be sure to give your Millennial renters options for payment, because 38% of them prefer to make payments online. Not only will this help you attract Millennial renters, but it can streamline your business operations. Millennials also love to text. Property managers who make themselves available via text can keep their tenants happy and feeling like you’re always available to them.
4. City Life
Many Millennial renters choose to live in urban areas because they like the convenience. Walking to grocery stores, taking public transportation and having easy access to nightlife and attractions is important. When advertising your property, consider its “Walk Score” and let renters know the amenities and attractions in the immediate area.
5. Safe Environments
More than 76% of Millennials list safe streets as their biggest priority when searching for an urban rental home. By adding security features such as bright entry lights, cameras or restricted entry, you can make your property feel safer.
6. Sharing the Love
Millennials rely heavily on word of mouth, ratings and reviews. In fact, they’re more likely to share bad experiences over good ones, so be sure to lead the way with great customer service. This can mean referral business from other Millennials who value and trust their friends’ experiences.