Unlike any generation before them, Millennials are choosing to rent for longer and in many cases even skip homeownership altogether. While many younger people struggle with finances, others just find it much more convenient to rent instead of buying a property. While this is great for renters, the market is often saturated, so you need to learn how to attract Millennials who are serious about renting. If you understand their motivation and lifestyle, you can easily find responsible renters willing to pay a good price for a property that caters to their needs and wishes.
Why Millennials choose to rent
Not only are many Millennials in deep credit card and student loan debt which make it practically impossible to save up for a downpayment, but they also prefer a different household formation. They don’t want to spend their free time to take care of a home, they want to travel instead and enjoy life. Additionally, homeownership comes with huge hidden costs, so renting is much easier for the majority of Millennials. Oftentimes, homebuyers need a much bigger budget than expected: you need to buy furniture, pay monthly taxes and insurance and handle repairs.
However, Millennials are also changing the face of homeownership all over the world. Unlike their parents, Millennials don’t want to invest in huge homes that will house generations of people. They prefer smaller and greener homes that will be cozy, won’t require downsizing, and will be easier to sell in case they choose to relocate.
How to attract Millennial renters
Millennials might be a lot different than Baby Boomers, but there’s no need to think about the generational gap. In general, this generation is looking for properties that allow them to continue living their chosen lifestyle and follow their increasingly-green behaviors. So, if you’re a renter, here’s how to attract Millennial renters and (more importantly) how to retain them.
Make good first impressions
If all you’re planning to do is put up your listing with an address, phone number and a bad photo of the living room, you won’t attract any Millennial renters. They won’t bother visiting a property like this and why should they? Millennials are very tech-savvy and they use technology to find a perfect house for rent and make their lives easier. So, first impressions today are made online, not during visits. Your listing needs to be attractive and convenient, with plenty of photos, side-info, and maps in order to attract renters.
Location and parking
Millennials are not the leading force in business, so it’s natural that they want to rent a place that’s close to big employment centers (usually urban areas). If you live in a car-centric place like the USA or Australia, parking is a must, so if you have a garage, make sure to mention it in your listing. If you have more space at your disposal, getting a large garden shed is also great because it adds extra storage space, space for exercising and even entertaining. Luckily, people from Best Sheds can help and equip your yard with a practical shed Millennials will definitely appreciate.
Millennials are very green-oriented and concentrate on a healthy lifestyle, so you need to provide them with spaces that will allow them to spend time outside, relax in nature and get their daily workouts in the fresh air. So, if your property has a garden, make sure to take good care of it. It’s best to take a minimalist approach and fill the space with low-maintenance plants, simple furniture and plenty of storage for tools and other items. If you invest in that garage or shed, you’ll have no issues with keeping your garden clean and tidy.
Pets are super important to Millennials and pet-owners are ready to pay more just to live with their furry buddies. It’s important to make them feel like their pets are welcome and not only tolerated. So, think about pet-proofing your property and equipping it with safety gates, pet-proof fences, safe plants, and pet showers.
If you’re just renovating your rental property, take notes from the hospitality industry and stay on the cutting-edge of design. What Millennials want is high-end feel for the price they can afford. So, think hardwood floors, built-ins, and granite countertops. These are still in their price range yet they feel very lux. Many Millennials also want an opportunity to personalize their space, so keep your interior minimalist and suitable for light remodels.
No matter the reason why Millennials choose to rent homes instead of buying them, they are definitely changing the industry with their wishes to rent for longer. Luckily, if you keep in mind these practical tips, you’ll attract serious Millennial renters and keep your happy tenant with you for years.