People of all ages will apply for tenancy in your property in Palm Coast. This includes the Millennials as well as baby boomers. How do you make sure your property is appealing for this category of tenants? These two categories of tenants are more demanding than other groups when it comes to modern amenities and technologies. Take a hard look at your offerings to make sure that baby boomers and Millennials are attracted to your property in Palm Coast.
Tenants born in the last two decades of the 20th century are classified as Millennials. Baby Boomers are individuals born between 1946 and 1984. Most of your tenants will fall in either of these two categories. Though there are many differences behaviors and attitudes of these two categories, they also share many similarities.
Keep in mind that Millennials are young men and women who do not have a desire to be homeowners. According to recent research studies, around 60 percent of the millennials like to rent. Usually, they like to stay at an apartment or house for 3 years on average and then they start looking for new neighborhoods to settle in. They mostly love to move in to apartment buildings. If you are desirous of educated and qualified tenants, Millennials happen to be perfect candidates. All these people are looking at is a home that is conveniently located and is full of comforts for them. You can be sure to catch the attention of these men and women if your property provides quick and easy access to airports, metro stations, and the highways. These individuals love to work hard and then have lots of fun. They also love to live in a green atmosphere that is environment friendly.
Flexibility and convenience are the two features associated with millennials’ renters. They love the have the freedom and flexibility to move in new apartments and houses when the agreement is over. However, it is also the millennials who don’t like to maintain their rented apartments or houses. They don’t want to take the maintenance responsibility unlike baby boomers.
Baby boomers are individuals who are older than Millennials. They are either close to retirement or have already retired. Due to the diverse effects political and economic conditions in the US, baby boomers have experienced a decline in their home-ownership rates. According to the State of the Rental Market, more than 4.3 million people between 50-60 age bracket has become renters in the last 10 years or so. It certainly gives a huge opportunity for landlords to have baby boomers as their tenants.
These men and women are more after comfort and they are very demanding about it. If they like the place, they will stay on for a very long period. They are looking for a home where landlord is responsive and they get attention to their demands. They prove to be great tenants paying rent on time without causing any trouble. You have to provide them impeccable service and a home with all the comforts. They love to live an organized life and they are fond of golfing, fishing, beaches and exercising. Make sure you provide opportunities for these activities to them.
If you feel that you are made to deal with two almost opposite categories of people, hang on. There are many similarities between Baby Boomers and Millennials. Both these groups love active lifestyles and both demand great amenities. You can satisfy both groups by making slight changes in your property to accommodate both the groups.
If you’d like to talk more about the value of inspections, or you need help with Everest Property Management, please contact us at Everest Realty.
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As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
