We all know how buying is getting out of budget, and for Millennials, there is a better option, Renting! They don't need to put in money to buy a house when they are cool with renting one all their life. The motto of Millennials is to rent rather than buy.
It's solely, for this reason, the renter's pool is dominated by Millennials. The Millennials generation lies between 18 and 34 years; they are the people born between 1980 and 2000. Theirs was a period of evolution; they have seen it all. They have seen the world change its dynamics and they now know how to work according to that change. According to Millennials, buying a house is like being caged and tied down. They are more into being flexible and free. Hence most Millennials prefer renting over buying.
Millennials know what they need and want from the rental property; they aren't satisfied with just about anything. So, if you are looking to attract Millennials, you will need to work hard on your property. If you don't know where to start, here are some tips that will help you make your rental Millennials ready. Follow our foolproof tips, and no Millennials will be able to turn down your rental property. But first, here's a rundown of why choose Millennials as your preferred renters.
Why Choose Millennials?
First things first, Millennials dominate the renters' pool, and if you leave them out, you have a very limited audience to cater to. No landlord or property manager likes to limit his options. So, you need to keep your rental Millennial ready.
The buying rate isn't increasing, and the future doesn't look great for property buyers as well, due to COVID-19. Most buyers at the most are Millennials, but they aren't looking to buy, so that's again a huge concern. As per the Millennial generation buying a house is unnecessary; they'd rather rent than buy.
Most Millennials have loans like student loans to repay; hence they aren't too willing to tie their money in property, or instead, they haven't got enough money to pay the mortgage on the property. Apart from that, Millennials love their freedom too much to buy a property and get stuck in one place for the rest of their life. According to them, their life has just started, and they are ready to go with the flow.
Here's what all Millennials are looking for in their rental properties.
Location is the key when it comes to catering to the millennial generation. Millennials are lively people; they are looking for hyped places, hottest restaurants, bars and entertainment places. They are into music festivals, local breweries and parties. So when it comes to location, they want to be in the hottest town with all hyped places to hangout.
For most Millennials, the neighborhood is everything, and hence you need to be very careful about your location if you are looking to attract the millennial generation. When posting your listing, make sure you add about the neighborhood. List everything that your neighborhood has to offer, make sure you brag about the best entertainment places and landmarks that the Millennials might be interested in. Every Millennial who is looking for a hype neighborhood will come and check out your property after checking the listing. Apart from that, add a list of local attractions and festivals likes Artisanal fairs, farmer's markets, as well as deals on local fitness centers. It's not just your property they are interested in; it's the whole package they are looking for.
Pet-Friendly and Accommodating:
We know how pets are, and we also know the damage they may do to the property, and this is the reason why landlords are too keen on letting in any furry friends. However, Millennials love their pets, and they treat them as a family; hence you will be losing a big chunk of the audience by saying no to the Millennials. Did you know that 82% of Millennials love their pets too much to leave them for a rental they loved? So when push comes to shove, they will rather leave the property than leave their pet.
You can limit the risk by making some changes that will make your property touch and pet friendly, like getting rid of the carpets and adding hardwood or composite floors. These floors are ideal for accommodating pets and limited wear and tear. A Pet security deposit is also a practical idea. Apart from that, adding the pet-friendly clause to your renter's agreement also lets you increase your rental rate. You can charger the Millennials higher and they will pay happily to keep their pets with them.
Transport And Accessibility:
Millennials are always on the lookout of easy commute and transport. If they have cars, they look for safe neighborhoods to park without being scared of vandalism. They will also look for parking space, and if your property offers nine, they might not opt for it.
If they haven't any cars, they will look for accessible public transport solutions. Alternatively, if they are green-goers, they must have bikes and look for spaces where they can park their bikes without fear.
Short Term Contracts:
Millennials don't buy because they aren't willing to get stuck; hence they aren't too keen on long-term contracts. You won't be able to sell a 2-year contract to the millennial generation. It's better to give them a deal they can't refuse, and a two-year contract shouldn't be one of them. Millennials are lively and spontaneous, so make sure your deal lives up to their expectations.
Who doesn't like extra bonuses; Millennials are also the generation who are always looking for added value. For example, smart technology and smart homes are a big plus when it comes to luring in the Millennials. Millennials love to party and invite friends over, give them a reason to flaunt the property they are living in. Internet connection/Wi-Fi connections are a must. They need a property that is as adapt to technology as they are.