Millennials. They’re a fickle bunch. They represent this highest youth population in history.
In a nutshell, millennials are comprised of people born between 1980 and 2000 (roughly between 18 and 34-years-old). They grew up in a time of rapid transformation. They’re also used to prioritizing freedom and flexibility — that’s why renting is so attractive for them. Many also see purchasing a home as an unrealistic financial checkpoint at this stage of their lives, mostly because of the burden of student loans.
But on the flip side, they know what they want — and they’re not afraid to ask for it.
Here are some tips to help property investors attract and keep this huge demographic happy.
1. Location, location, location
Location is one of the top, if not the #1 factor, for millennials when choosing a place to call home. They want to be near the hottest restaurants, the coolest bars, fun festivals, malls, breweries — you name it. In other words, neighborhood is everything for them.
The better you portray the neighborhood, the more applicants you will receive. Be sure to compile a calendar or an email newsletter that lists out local events, businesses, and festivals that may take place in your neighborhood. These events can include artisanal craft fairs, farmers markets, and deals on local fitness centers and studios. Once they know what the neighborhood has to offer, they’re more likely to sign the lease.
2. They want to have pets
While traditionally property owners and landlords have been known to say “no” to pets, this is actually one of the most important features millennials look for. 82% of millennials see pets as part of their family and take pet ownership seriously.
Restricting pets in a lease can diminish the pool of potential renters drastically. Before jumping the gun and allowing pets into your units, consider the maintenance and cleaning. It may be time to consider installing hardwood or composite floors that can tolerate pet accidents better than carpet.
3. Secure parking is a must
Millennial renters value convenience, especially when it comes to parking. Those who own cars want to make sure they have a safe and easy place to park it. Parking garages or properties that come with a designated parking spot that can fit SUVs and compact cars have huge appeal simply because of their reliability.
Providing a space where they can securely lock up their bike up is another added bonus. You should also include facts about public transportation options, walking routes to nearby stores, and off-street parking alternatives.
4. They want extra amenities
Young people like extra amenities. They like stainless steal appliances, washer and dryers onsite or in-unit. They also love smart technology, high-speed internet and WIFI, and a convenient way to pay the rent.
Including any of these features will be a gold mine for your investment property.