Compared to every generation that came before them, millennials are more likely to rent their homes. There are many reasons as to why, but living through the Great Recession, a focus on enjoying experiences rather than material items, changing jobs more often and moving frequently, and the expenses and hassles of homeownership are just a few of them.
Whatever the reasons, it’s beyond time for property owners to take notice of this large generation — as of 2020, millennials made up about 22% of the population — of young adults by offering what they want and need in a home.
It’s one of the best things you can do for your bottom line. With this in mind, we put together a list of ways to attract millennials to your rental.
Embrace Digital Communication
The first thing you need to know about millennials is that they do most everything online. When they want to look for a rental, they’re going to head for Google, so advertising online is a must. Rather than call you about a potential rental, they may want to text or email, so you must offer these options. When it comes time to pay the rent, they’ll want to do that digitally too, so it’s important to embrace this type of technology.
Offer Services
One of the main reasons why millennials will choose to rent instead of buy is that they find homeownership a bit of a hassle. They don’t want to mow the lawn, handle the broken air conditioning system, or deal with their own garbage pickup. The more services you can offer, complimentary or for an extra fee, the more appealing your rental will be.
Add Some Flexibility to Your Lease
Millennials are more likely to switch jobs and move to new cities than Gen X and Baby Boomers. By the time they turn 30, they’ve already had, on average, 7.8 jobs. For this reason, millennials are less likely to sign a lease that locks them in for a year or more. Consider offering smaller increments or even a month-by-month lease.
Remain Honest and Accessible
Millennials value honesty and accessibility, and they’re more likely than previous generations to do their own research. For this reason, it’s best to be open and honest with them. It’s also best to remain accessible. Give your renters a way to get in touch with you at all times, even on nights and weekends.
Go Greener
Millennials also value the environment and sustainability, so any property owner who goes the extra mile to make their homes a little greener is already ahead of the game. Some ways to do this include offering a recycling program, switching to low-flush toilets, and installing low-flow showerheads.
Allow Pets
This generation is also more likely to have a pet, so if you have a strict no-pet policy, you may want to rethink it. You can — and are almost expected to — charge a deposit for pet owners to help ease your mind. Make sure your pet policy is a big part of your advertising as well.
Add Smart Technology
Millennials tend to be pretty tech-savvy, so consider adding some smart technology to your rental. This could include a keyless entry system, smart appliances, smart lighting, or a smart thermostat.
Modernize
If your rental property is older, take some time to make it a bit more modern. Add a new coat of paint, or upgrade the kitchen cabinets. Consider adding a washer and dryer to the home or unit, or upgrade the kitchen appliances.
Advertise Community Highlights Too
Last but not least, don’t just advertise your rental, advertise your community too. Millennials aren’t likely to sit at home — they want to get out and explore local greenspaces and hang out with their friends. They also want to be close to work.
So, if you’re just minutes from Fort Myers, Sarasota, or Tampa, put that in your advertising. If you’re within walking distance from parks, restaurants, shops, or entertainment venues, make that a big part of your marketing plan. If you’re a quick drive or walk from the beach, consider that a major selling point.
