Our Guide to Millennials & Rentals - What to Know
Property management is one of the primary responsibilities of a landlord. From finding the right tenants to maintaining the upkeep of the rooms, these are just some examples of the tasks you'll have to carry out as a property owner. With that said, one of the functions of property management is to advertise your property to the public, letting them know that you're ready to rent it out. But who do you target when you decide to do so? Well, there is one group that's been shown to be extremely susceptible to rentals, and that’s the Millennial age group.
By now, you might have a few questions in mind, such as why exactly Millennials prefer rentals or how you can advertise to them. We'll try to answer those for you in the sections below.
Who are Millennials?
If you aren't so sure who the Millennials are, they're anyone born between the 1980s and mid-way through the 1990s. The term was coined from the fact that people born in this era were about to graduate high school at the end of the millennium.
Why are Millennials attracted to rentals?
There are many reasons Millennials prefer to rent rather than purchase a home.
First, many people believe that because of the 2008 crisis, Millennials have become wary about purchasing a home, so they opt to rent instead. They think that homeownership is way too risky and that a rental will ensure that they don't find themselves in that sticky situation once it happens again.
Second, Millennials have been proven to show a habit of moving around quite a lot. The most prominent examples of this would be job positions, where they would hop from one job to another year after year. With renting, they are given the ability to move freely and aren't tied down to anything.
Third, renting allows Millennials to live in more trendy parts of town, allowing them to move into the more expensive parts without having to drop hundreds of thousands of dollars into buying a home.
What do Millennials want when they rent?
Millennials don't just go around renting any property they can find. They have a set number of expectations which, if unfulfilled, means that they will either rent for an extremely short while or end up not renting at all.
That said, one of the first things they'll look out for when renting is access to public transportation. This allows them to get around much easier and do not have to worry about owning a vehicle to get around. Another thing they'll keep an eye out for is proximity to the workplace. They do not want to travel too far to get to work, nor spend too much time getting back home. Finally, some of them will look for rentals that are pet-friendly so they can move in with their existing pets or adopt one when they finally move in.
Put simply: the lifestyle of the Millennial will determine what kind of rental he or she will opt for.
How do I attract Millennials to rent my property?
There are many ways you can go about advertising your property to Millennials. However, the most effective way is to advertise digitally, since most Millennials own digital devices and use them to access the internet. Failure to do so means that you put yourself in the worst position possible when it comes to attracting them to rent at your place.
That said, other factors such as the quality of pictures and the available details surrounding your rentals will also affect how many individuals will take the time to look at your offering.
As you can see, Millennials are the group of people you'd want to target for your rentals. With so many Millennials on the lookout for a rental, all you need to do is make yourself available and accessible on the internet. However, your property management skills are still the biggest factor when it comes to your ability to attract long-term tenants.
Are you looking for a property management solution in NY? Reach out to us through our website and let us know how we can help you!