Millennial renters are now the largest rental demographic. Knowing how to appeal to them will help minimize costly vacancies.
Millennials. The word has a mixture of connotations surrounding it. Whatever your opinion though, as a landlord they are the generation that you cannot ignore. As the older generations steadily settle down and buy their own homes millennials (aged roughly 24-35) are taking over the rental market. To top it off they are now the largest living generation.
Which means Landlords need to take into account the idiosyncrasies that come with a tech-savvy and globally-minded generation if they are to appeal to the right audience.
With the age of the internet in full swing, it’s harder than ever to avoid seeing cute pictures of dogs or cats. Their adorable faces melting our soft human hearts.
Where once it was the domain of the ‘crazy cat lady’, there are now hundreds of Instagram pages with millions of avid followers who just can’t wait to go “awww” at that next adorable photo of a fluffy creature in a hat.
If the clear obsessive love of millennials for fluff balls wasn’t enough to persuade you, it might be worth noting that some 76% of millennials own pets. As landlords ourselves we understand the damage that pets can do to a property, however, capitalizing on this obsession could help you appeal to a majority of renters and help you minimize vacancies.
That isn’t to say you should be unprepared. Millennials love pets and they are willing to pay extra for them.
Read the Article: The Smart Landlords Pet Policy.
Access to information has never been easier. And no one has a better understanding of the environmental issues that our planet is facing because of direct human action.
We (yes, I’m one of these millennials) have grown up with a constant inundation of viral articles, memes, images, and videos that leave no room for doubt in our minds that something needs to be done to help preserve our planet for future generations.
A lot of businesses are already capitalizing on this with eco-conscious products. Something that isn’t being talked about though is making homes more eco-friendly.
In 2008 Europe and the UK signed an agreement to reduce carbon emissions by 80%-95% by 2050. One of the main focuses of that agreement was to create more energy-efficient homes. To this end, there are several (largely confusing) government incentives for landlords across the pond.
In the US it’s not talked about or incentivized in the same way. That isn’t to say though, that millennial renters in the US don’t want eco-friendly, energy-saving homes. They do.
Installing a smart meter is one way you could help them cut their bills down by 20% or more. The planet will thank you, they’ll thank you, and it leads us into the next point – their wallets will thank you.
Related: Should you be Installing Eco-friendly Tech in your Rentals
In the age of Airbnb and hyperactive consumer services, millennials want to get value for money. To appeal to this sensibility then you need to offer a little more. You need to offer them freedom, value, and good customer service.
A lot of (though not all, of course) millennials are very aware of their money. Wages for average Americans haven’t risen in line with inflation yet the cost of living steadily increases.
On top of this, technology is making it easier than ever to manage your money with Neobank apps like Acorn and Robinhood giving people an easy way to save and access the stock markets.
The average millennial then despite what many critics say, is underpaid and interested in money-saving technology.
Offering more value for money, whether that’s something as simple as installing a smart thermostat to help renters manage their energy bills then will count massively in your favor when trying to appeal to millennial renters.
Read the Article: Should you be Investing in Eco-friendly Tech for your Rental?
In a study by Social Media Today they found that on average, people spend around 2 hours a day on social media. Personally, I suspect that number may be higher because I know for a fact that most of my friends don’t stop looking at their phones – at all.
The way to reach millennials then is through the social media channels that they are spending so long each day looking at. To get your property in front of the right renters you will need to be active on the right social channels.
It’s not just about being on social media though. You need to convey the right message and present yourself, your brand, and your properties in the right light. With the internet so prevalent in our lives, it would be foolish to think that prospective tenants aren’t going to a quick Google search and find out all they can about you and your property.
You should control your online image then, instead of letting your tenants control it. You should have your own website, as well as a strong social media presence. Here you should document the good things you do for your tenants in the management of your property, as well as have your tenants review you as a landlord. Nothing is more powerful than a review.
Having a selection of 5-star reviews proving you are a landlord worth renting from will help you secure the best tenants.
“This app is great for allowing me to keep accurate records for my property. Easy to use and appropriately priced. Best part is the promptness of the staff to feature requests and problems. Top knotch!”
- Justin Richardson - February 2, 2019
Millennials are health-conscious. They want to maintain a quality work-life balance. Part of that is doing frequent exercise and eating healthily.
If possible, you could convert free space in your building into an exercise area. Or if that’s not a possibility, think about reaching out to local businesses and working with them to get your tenants a good deal with the local gym or restaurants.
Our final point is about communal areas for properties with multiple occupants.
Co-living arrangements are popular with millennials. Companies are responding to this demand by adding a bit of luxury, with high-end communal kitchens and communal areas.
These reasonably minor touches make the entire renting experience better for everyone. You may also find that having nice open communal areas appeals to other renters as well, making your property much more appealing in general.
The way people engage with the world is changing. And with it the way we have to manage not only businesses but rentals.
Thankfully, technology is adapting faster than ever to make it easier for landlords to reach and engage with relevant people in the right way.
Software like Landlord Studio makes it easy to manage your property accounts, and websites like Bigger Pockets and Zillow have made it easier than ever to learn, engage with the community, and get your rental in front of the right people.
Millennials are the largest group of renters currently, but it won’t be long until it’s Generation Z. When that day comes if you haven’t managed to adapt to renting to Millennials you’ll find it even harder renting to a generation that’s even more ingrained in mobility, digitization, globalization, and social networks.