The fact that renting is way better than buying can only be understood if you think like a millennial. People who were born from 1980 and 2000 are being termed as the millennial. They have seen the world transform in front of their eyes, and this has given them perspective about almost everything. One thing that this millennial generation advocates is their right to be free as well as flexible, and this comes from renting not buying. Here are practical tips to attract your perfect group of renters.
Why Choose Millennial's?
The Millennial generation is a dream come true for current landlords; their theory is to rent and never buy, which is the perfect case scenario for any landlord. To millennial buying, a house is like a huge financial loss and unrealistic. Renting helps the generation stay free, no mortgage means they can pay their student loans and relocate whenever they want. So, what is your average millennial looking for?
Premises:
Location beats all; every millennial is looking for the perfect location. They want to be close to the best spots in town as well as an easy commute to work or college. Their goal is to have café, restaurants, bars, cinemas and block parties in the vicinity. If you have the best neighborhood, if you have done the right marketing regarding your neighborhood, you have a line of Millennials knocking at your door. Highlight all that happens around your rental property’s areas as in, fitness centers, flea markets, garage sales, music festivals and such.
Animal-Friendly community:
Many landlords consider pets as nightmares for their property, but Millennials regard their pets as their family. So, make sure your rental is animal-friendly if you are to attract Millennials. You might lose a lot of millennial applications if you have “no pets” policy. Letting the animals in will mean that you will have to make a few changes; carpet to a hardwood floor is a small example.
Commute and Transport:
Every Millennial is looking for the easy way out, the love convenience. If they have their own transport, they will need a safe parking space. If they do not have their own transport, they will need to have public transport in reach. Many Millennials believe in going green. You might also need to think about having a bike shade where they can keep their cycles securely.
Flexibility:
Millennials are always on the go; you can’t tie them down with long term lease. Their priority is being free and flexible. Millennials care about the customer service, they need honesty, and they need room to wiggle. Keep the contracts shorter and personal contact honest if you’d like a happy millennial to rent your property.
Amenities:
Who doesn’t love a bit extra, Millennials are no different? They love to have a contract with rentals that give them a little extra. Entertainment amenities or smart technology will always be able to attract more Millennials to your place. The generation loves to party and socialize. So, make sure your rental is attractive enough to throw parties and have social gatherings. Wi-Fi and a fast internet connection is one thing Millennials can’t do without, the sort that out if you haven’t yet. Keep all ways of communication open and stay in touch with text; Millennials will rather text than call.
As a landlord, you are out to attract the smartest as well as most fast-pace generation of all. You will need to think like they do if you want to attract them. Give your rental property a bit of upgrade, and you have great luck with Millennials.
If you’d like to talk more about property management, 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.
