Millennials are among the largest group of prospective tenants in today’s market, making up roughly 25% of the US population. Unlike generations before them, millennials are entering the workforce with much more uncertainty in the job market and higher student loan debt. As a result, most are choosing to rent rather than buy. Knowing how to attract millennial renters is key for landlords both now and into the future. Here are several ways to attract millennial renters to your multi-family properties.
Technology is ingrained in much of our everyday lives. This is particularly true for millennials since they began using technology practically at birth. Offering modern solutions is therefore extremely appealing to them. Here are some options that can be easily offered at any property:
- Video Doorbells
- Electronic Doorlocks
- WiFi Enabled Security Systems
- WiFi Enabled Light Fixtures and/or Outlets
- Electronic Rent Payments
- Property Service Apps
Incorporate Eco-Friendly Features
Millennials are a very environmentally conscious generation. Incorporating eco-friendly features into your rental properties is a great way to attract millennial renters. Fortunately, there are many different ways to do so. Some examples are:
- low-flow faucets/toilets
- solar-powered utilities
- energy efficient appliances and fixtures
- repurposed building materials
- sustainable flooring (i.e. bamboo) and cabinetry
- products made with fewer chemicals
- on-site recycling services
- electric vehicle accommodations
Optimize Social Spaces
Some might say that millennials are the social generation. They thrive on social and community interaction. Therefore, a property that gives them the opportunity to meet and interact with others is a big plus. This can be something as simple as a small patio common area or a porch with seating for morning coffee. Communal spaces can also be great for improving tenant relationships.
Millennials love pets! The challenge these days is finding an apartment that allows them. Most landlords prohibit pets in fear of property damage, noise complaints, and personal injury liability. However, a strict no-pet policy often reduces the pool of potential tenants. Consider allowing some pets, with restrictions of course. This not only increases the number of potential tenants but can also provide an opportunity to obtain higher rents as well.
More Ways to Attract Millennial Renters
As with any business, understanding your customer-base is essential to boosting earnings and profitability. By taking the time to learn about what millennials want and need, you can make adjustments to better attract millennial renters. Appealing to a broader renter base ultimately increases demand for your rentals and improves your bottom line.