Millennials (those born between 1980 and 2000) were projected to overtake Baby Boomers as the largest living adult generation by the end of 2019, according to population projections from the US Census Bureau. Many Millennials are struggling to save a down payment on a home – particularly those who have student debt. And an increasing number of them are choosing to rent over ownership. Add that together, and it’s time for landlords to market their rental property to attract Millennials. It’s time to pay attention to what Millennials want.
Location matters
Millennials like to live close to their work and their “playgrounds.” If they can bike to work, they are happy, happy, happy. Obviously, you can’t change the location of your rental, but you can make the most of it.
- Advertise which companies are within walking or biking distance. Include information about local bike paths, as well as bus and train routes, and interstate access. Highlight everything that makes a commute easier.
- Point out coffee shops, bars and restaurants, sports complexes, and other areas for entertainment and pleasure that are in the vicinity of your property.
Amenities
Millennials have ideals and desires. Adapt your property as much as you are able.
- Go for green – caring about their environment is a big plus to Millennials. Install energy-efficient appliances and provide recycling services. Don’t forget the little things, such as energy-saving lightbulbs and water-saving showerheads.
- Go for high-tech – Millennials want smart home features from smart lighting and thermostats to security systems to keyless entry. Super high-speed internet service is essential, and if you can add docking and charging stations, that’s all the better. Don’t forget those tech-savvy appliances. Go with tech when it comes to paying rent too. Electronic payment options and social media communication are a must.
- Go for family, friends, and pets – Big kitchens conducive to cooking with friends and sharing a meal will grab their attention. As will a welcome mat for pets. Adding pet amenities, such as a communal dog run, will attract even more Millennials. If your property is a multi-unit rental, consider adding a game or fitness room, and other shared workspaces. If your property is near outdoor recreation facilities, advertise accordingly.
Marketing Choices
Whether you do it yourself or contract to a property management company, ensure that your marketing is social media savvy. Utilize Twitter, Google+, Instagram, Vine, etc. Include great photos, and links. Maintain a professional, user-friendly website.
Give Back to Your Community
Not only Millennials, but GenX and Baby boomers respond to a landlord who serves his community. Take time to be involved locally, and don’t be afraid to advertise what you do.
Millennials will comprise the majority of renters for years to come. Taking time to cater to their needs and wants will attract their attention and increase the length of time they stay. Learning how to market to this generation pays off.
If that sounds overwhelming, consider connecting with Rentals America. We treat your home as our own, offering a full range of property management services to fit your needs as a landlord or homeowner. We tailor our services to ensure that you have the highest level of service for your home. Contact us today
