Millennials make up about half of today’s renters in America, and that number is increasing by the day. As any good landlord knows, you need to tailor your rental to meet the type of tenant you want to attract. If you’re looking to pull in this ever-growing category of renters and ensure your business is successful, let’s examine what millennials look for in a rental property.
With technology constantly moving forward, millennials want to be able to view documents, communicate with their landlord, and access basic services online or through their phones. Mobile apps make it easy to fill out and sign forms, submit maintenance requests, and access lease agreements. When attracting millennial renters, convenience is key.
While this transition isn’t easy for every landlord, it does make record-keeping a lot easier and simplifies overall communication. However, it’s still important to set boundaries and relay to tenants when you are and aren’t available.
Easy Payment Options
In the same vein as technological convenience, it’s in everyone’s best interest to make paying rent as easy as possible. Millennials prefer to make payments through mobile apps and online. This makes it much easier to set up automatic payments, so they don’t have to remember to pay every month, and you’re guaranteed to get the rent they owe. It also becomes easier to solve monetary disputes, as online records will keep track of the amount paid and the date and time of the payment.
Proximity to Conveniences
Many factors contribute to why the millennial generation owns fewer cars than other generations. Regardless, millennials prefer to live close to conveniences such as grocery stores, train stations, bus stops, banks, and more. They also like to be closer to fun activities and nightlife. Remember, when deciding where to buy a rental property, it is vital to consider what your ideal tenant is looking to get out of the surrounding area. Overall, millennials prefer to live in more urban areas that meet their convenience needs and want for fun.
Up to Date Amenities
As mentioned, millennials prefer the convenience of technology, so the more up-to-date rental amenities are, the happier they’ll be. You’re less likely to attract millennial tenants with an old-school thermostat or a retro range oven. This doesn’t mean you have to spend a fortune on the latest smart-home technology, but having a good internet and Wi-Fi connection is certainly a start, especially with how many people work from home. Other smart home appliances such as locks, alarms, and thermostats are also a plus.
Most millennials take pet ownership very seriously and see their pet as a part of their family. Additionally, many members of the millennial generation see their pets as a substitute for having children or view their pets as an essential part of preparing for children. In truth, pet-friendly policies are one of the most common things millennials look for in a rental. While making your rental property pet-friendly is a big decision, remember that you’re cutting out a large pool or renters when you turn away pet owners. Ultimately, you should make changes and improvements where you feel comfortable doing so, but what you prioritize will change the type of tenants your property attracts.