Rental property managers know that Millennials now comprise an estimated 40 percent share of the rental housing market. A whopping 90 percent of Millennials rent. This group is saddled with student loan debt and faces soaring real estate costs but they may also simply be more comfortable paying rent than a mortgage after witnessing the aftermath of the subprime mortgage fiasco.
Rental property management professionals will be well-served by learning everything they can about this generation. Consider how Millennial renters view specific amenities and marketing efforts and you’ll significantly boost your properties’ appeal to these important renters. Let’s take a look at some important facts about Millennials.
10 things rental property managers need to know about renting to Millennials
Millennials don’t eat out as much as people in prior generations. They have adopted a do it yourself ethos, especially when it comes to food. Spruce up the kitchen and you’ll attract millennial tenants.
Few Millennials use checks. In fact, more than 20 percent of people in this group have never written a check. Give Millennial tenants the option of paying monthly rent via PayPal or another online payment service.
Millennials are crazy about cats and dogs. More than three-quarters of Millennials care for a furry friend. Allowing pets on your property will attract Millennial tenants.
Millennials are reproducing. The oldest Millennials were born in the early 1980s which means a hefty chunk of this age cohort is in their early-to-mid 30s. Adding family-friendly amenities to your rental property like playgrounds, pools and recreational spaces will attract Millennials who have young children.
Millennials have a strong sense of social justice. They are willing to boycott or support a business according to its values and policies. If your organization donates to charities or performs any other sort of altruistic action, let it be known. Even something as simple as providing tenants with composting bins to recycle food or adding solar panels might be enough to win favor among environmentally focused Millennials.
Millennials are abandoning vehicles for bikes. The cost of a vehicle combined with the maintenance headaches are too much for many Millennials. Install several large bike racks on your property to give Millennials a place to chain up their bikes.
Millennials covet safe living spaces. More than three-quarters of Millennial renters report that street safety is their main concern when selecting a condo to rent in urban areas. Install locked gates to prevent trespassers from accessing the property, add security cameras and consider employing a nighttime security guard.
Millennials prefer to text rather than call so don’t force your Millennial tenants to call you. Let them text or e-mail their questions, concerns and maintenance requests and be sure to text back promptly.
Millennials like the outdoors. Some sociologists argue that the Millennial love affair with mother nature is the result of spending too much time staring at screens during childhood. If you have any available space on your property, add some trees and plants and some benches or picnic tables.
Millennials are willing to read numerous online reviews before deciding to commit to an apartment or condo from a rental property management group. If former or current tenants have posted critical reviews about your rental property management team, address their concerns right away. Ask them to remove or edit the negative review after you have addressed their complaints. If the critical reviews were written by those who no longer rent from you, post a civil rebuttal so prospective millennial tenants have a chance to understand your point of view.
Son-Rise Property Management has been serving the property management needs of Bellingham and Whatcom County since 1996. Contact us today to see how we can help you find a rental property for your family or manage your rental properties.