Housing prices in the U.S. have increased by 7.2% over the last year and are expected to rise by another 5.1% within the next twelve months. It’s no surprise that this trend has made some Millennials think twice about purchasing a home. In fact, about 40% of renters in the U.S. are Millennials.
Because there are so many Millennial renters, chances are that nearly every landlord will do business with someone from this generation at some point in the future. Here’s what you need to know about renting to Millennials:
Who is the Average Millennial Renter?
It’s important for landlords to understand who their potential tenants are, what’s important to them, and what they are looking for in a rental home. Every Millennial is unique, but many renters in this age range share common qualities.
The average millennial renter is:
- Eco-friendly: takes care of the environment and is a conscious consumer.
- Active: likes to practice sports and is constantly on the move.
- Luxury-seeker: pampering and spas are what they look for.
Set your property apart—and attract Millennial tenants—by highlighting green features of your property. For example, make sure Millennial renters know about your energy efficient appliances, solar panels, composting services, and other on-site green features.
Many Millennials are interested in living green, eco-friendly lifestyles, so these features will draw them in. Plus, three out of four Millennials admit they would pay more for sustainable goods, which means you could charge a premium for offering eco-friendly living.
Opportunities to Stay Active
Millennials are often referred to as “the wellness generation” due to their commitment to their health. Part of this commitment involves staying active, which is why landlords should market properties that offer opportunities to get moving.
This is fairly easy for multi-family properties with gyms or yoga rooms. But, what if you are trying to rent a single-family home to a Millennial? Focus on the opportunities to get physical in the community. For example, highlight the nature trails or community fitness center located around the corner in order to pique the interest of these renters.
Millennials look for rental properties that offer luxurious amenities, including:
- Heated pools
- Fitness centers
- Multi-functional common areas
- Outdoor grills and kitchens
- Bike racks
- Dog parks
If your property has any of these amenities, make sure potential renters know by focusing your marketing efforts around them.
How to Communicate With Millennial Renters
You won’t find interested Millennial tenants by posting your property in the classifieds section of the newspaper. This generation is tech-savvy, so landlords need to use technology to market their vacancies.
Make sure all of your property’s information is posted online. Include high resolution photographs that show every room in the property so Millennials can take a virtual tour of the space.
Many Millennials prefer emailing or texting over calling, so don’t require interested renters to contact you by phone for more information.
Use technology to keep in touch with Millennial tenants after they’ve moved in. Encourage your tenants to text or email you with questions or concerns about the property to keep the lines of communication open at all times.
Keep in mind that Millennials typically expect fast responses to their questions or concerns—so be prepared to respond to texts or emails in a timely manner.
Maintaining A Strong Landlord-Tenant Relationship
Millennials have unique wants and needs when it comes to where they live. But, landlords who take this advice will have no trouble finding Millennial tenants and maintaining strong relationships with them throughout the duration of their lease!