People of all ages will apply for tenancy in your Palm Coast property. As you screen tenants you might find many of your applicants are either Millennials or Baby Boomers.
Based on the latest trends, these two age groups are choosing to rent more often than buying a home.
If you want to be a go-to landlord for people in either age range, how can you make sure your property is appealing to them? We have a few recommendations to keep in mind for attracting and keeping Florida's Millennials and Baby Boomers as tenants.
Know Your Targets
Do you know what a Millennial is? If you were born in the last two decades of the 20th century, you're a Millennial. Baby Boomers are individuals born between 1946 and 1964.
While there is an age difference between the two groups, they actually have a lot in common. They both like their freedom. They appreciate mobility and convenience.
Buying a home at either of these life stages feels like a burden on finances. It also hinders their freedom to get up and go while enjoying life. That's why renting is a perfect solution for many Millennials and Baby Boomers.
Check Your Amenities
As you make your properties more attractive to these age groups, remember that Millennials and Baby Boomers love modern amenities and technologies.
Smart home technology is a popular technology and could be a worthwhile investment for your property. Don't underestimate your Baby Boomer's interest in a smart technology home. They are often looking for convenience and automation--just like Millennials who have grown up with this kind of technology.
Using technology to pay rent, request maintenance, or find an account balance also makes your property more attractive to both groups.
When creating your listing, highlight the surrounding area. Both Baby Boomers and Millennials lead active lifestyles. They enjoy fun places to eat and listen to live music. You'll find they also enjoy staying active outdoors, and they prefer not to travel far to find these activities.
Highlight thing like nearby golfing, fishing, beaches, and exercising. Note local gyms or walking paths.
Your property is more than just the house. It's a lifestyle experience that attracts the right tenants for your home.
Remember The Pets
Many Millennials come with pets before they have kids. Many Baby Boomers are empty nesters and find having a pet at home is something they can't do without.
Make your properties pet-friendly to attract these tenants with dogs and cats that are part of their family.
Feature pet-friendly restaurants or hangouts in the area. Give details about dog parks or great walking trails that pets love.
Convenience And Comfort
Baby Boomers are looking for a simpler way of life. They might already be retired, or they're retiring soon.
Millennials don't want the hassle of maintaining a home. They aren't interested in yard work or fixing toilets. They want to go to work, then have a place to come home to relax and enjoy time with friends and family.
People in either life stage want to come and go as they please without the added responsibility of maintaining a home. They also love to live in a green atmosphere that is environmentally friendly.
You can be sure to catch their attention if your property provides quick and easy access to airports, metro stations, and the highways.
Flexibility vs. Stability
Your Millennial tenants might differ from your Baby Boomers in at least one way: how long they stay in your property.
Baby Boomers might be ready to settle down in their retirement. They're looking for a hassle-free place to call home while they experience the joy and freedom of retired life. When you rent your Palm Coast home to a Baby Boomer, you could have an excellent tenant for the long-haul.
Millennials often prefer more freedom and flexibility to find a new apartment or and house when the agreement is over. This is life as a landlord. The good news is, with so many Millennials preferring to rent a home, if you attract good Millennials once you can do it again.
Adapt your expectations to either group depending on who rents your properties. Whether one long-term Baby Boomer tenant or multiple Millennial tenants over time--find the best tenants to keep your properties occupied full-time.
Your Property Can Attract Them All!
Despite the decades in the age difference, Millennials and Baby Boomers are alike in many ways when it comes to how to prepare your property. Attracting these tenants with similar technology upgrades and amenities is possible!
If you're not sure who is your best audience or how to get started finding them, Everest Property Management can help. Contact us to talk through some simple updates to your property or listing to help find the perfect tenants for your property.
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.
