As a property owner in the 21st century, it’s vital to know how to market your properties to millennial renters. These young adults between 20 and 34 years old seek a balance between price and amenities when it comes to renting. Here are Five things to offer to attract and keep more millennial renters.
Decorating to appeal to millennials can be inexpensive and easy. While older renters are drawn towards more expensive details such as granite counter tops or hanging chandeliers, millennials are drawn towards simplicity, both for modern and “home-y” spaces. Look for simple accents, rustic wine racks or chic modern lighting to bring up the “wow” factor to your rental property.
Gathering spaces: Let’s talk enclosed fire-pits, courtyard space, and rooftops. Are there any spaces that you can transform into any type of gathering space? For renters who enjoy casual gatherings for barbecues or summer drinks on a rooftop, access to these gathering areas will for sure stand out!
Small things such as having a laundry room in the unit or building makes a big difference, especially for busy working young adults.
Depending on which city your property is in, offering garage space could be a major selling point for millennial renters. Make sure you make it a point to market the garage or parking space for bikes or cars, which is especially important for cities with snowy winter months. Even if you don’t have the space conveniently adjacent to your property, you can still consider setting up parking with garages or spaces nearby and charging a fee to the renters. While a fee is still associated, these millennials will be happy to pay the fee for the convenience.
One of the most important things for a property manager to do to succeed with millennial renters is having a strong social media presence. Be accessible and active via e-mails and other social media sites shows your millennial renters that you would be easily accessed if necessary.
Word of mouth carries great weight as well, so try to gather live reviews from current renters that can be shared with potential renters. This helps to establish your reputation as a responsible, accessible management group.