By the end of 2019, the number of millennials in the US stood at 71 million, making them the largest adult group in the country, according to population data from the US Census Bureau. Compared to other generations, millennials are generally unique in many ways, thanks to their familiarity with technology and the economic conditions they’re facing. They are also currently aged between their late-20s and early-40s, and now make up a large part of the resident base living in single-family rental houses. Because of their relevance in today’s society, you should know what is important to them when it comes to property management, so here are four tips on how to attract millennials to your rental property.
1. Make Your Property Eco-Friendly
Given that many millennials are becoming increasingly concerned about climate change, pollution, and exhaustion of natural resources, they tend to opt for more environmentally sustainable solutions, such as eco-friendly rentals. This means that, as a property owner, it could be worth the investment to embrace green technology and take measures you improve your property’s energy efficiency. Also, because of the increasing awareness of the dangers of volatile organic compounds (VOCs), you might consider looking into repainting your rental property using zero- or low- VOC paint. Other improvements that will make your property eco-friendly include installing low-flow toilets, using LED light bulbs, and harnessing solar energy.
2. Digitize Rental Property Management
Millennials generally enjoy technology and the convenience it offers, so you would be able to tap into the millennial market by improving your online marketing approach. Optimize your listings with alluring visuals, relevant keywords, and compelling descriptions. Additionally, try to simplify the viewing and application process. Millennials will also expect to do many transactions online, including paying rent and scheduling repair and maintenance. You may find it hard to attract and retain millennial tenants if you don’t provide them these conveniences.
3. Market Neighborhood Qualities that Interest Young Renters
A big part of marketing a property is informing the prospective renters what the neighborhood has to offer. Start by first understanding what your target audience looks for in a neighborhood and leverage that in your marketing. Here are some qualities that appeal to millennials:
- Entertainment and shopping: Generally, millennials prefer being close to environments with malls, movie theaters, restaurants, and other social and cultural attractions. Highlight those attractions in your description.
- Closeness to public transport: Millennials typically prefer shorter commutes to their workplaces or shopping/ entertainment hubs. Therefore, in your listing, you should highlight the property’s proximity to public transport such as busses or trains.
4. Modernize Your Property
A few upgrades can make your property better suited for millennials’ lifestyles, and therefore, help you attract and retain them. Some of the upgrades you should consider include open floor plans, replacing carpet with hardwood, and maximizing natural lighting. Other less costly enhancements include upgrading lighting fixtures by replacing them with track lights, pendant lights, and other modern options. You can also repaint the house interior in a neutral color to allow renters to customize the space according to their tastes. You can also install smart tech such as automatic lighting systems and smart security systems.
Conclusion
To attract millennial renters, it is helpful to modernize your property, go green, embrace technology, and market neighborhood qualities that appeal to them. You should consider working with rental property management professionals, such as Specialized Property Management Atlanta, who are experienced in marketing to millennials as well as getting them to stay. In the long run, this will save you money and time and assure you that your property is well managed. For more information about what we can do for you, call us at 404-596-8429 or check us out online!
