By October 29, 2016

How to Attract Millennials to Your Rental

The term millennials refers to the people born from 1980 onwards. Since millennials are exposed to various uncertainties when it comes to economy and living conditions, the majority of working millennial population is reluctant when it comes to buying a house or an apartment [source]. This is what makes them a perfect target audience for the owners of rental properties. But what can landlords do to really make millennials fall for their rentals?

Green generation

Educated and raised in the heat of environmental problems (literally), a large portion of people between the ages of 21 and 35 posses a high level of ecological awareness. Today, millennials are more inclined to riding bikes and walking than spending time in cars. So, renting a property to a non-motorized millennial is much easier – no hassle with parking lots. In addition, the landlord should always stress out that bicycles are welcome. Also, it would be wise to turn the basement space into a bike-friendly area.

Moreover, landlords who want to attract millennials should also include the information on public transportation lines that go near the given place, so that working millennials know how far from work that real estate is.

Pet lovers

An analysis brought by The Guardian shows that people who belong to the millennial group start their families much later than the generation of their parents. While this Generation Y can be called the generation of singles, they compensate this free space in their lives with pets. This is something every landlord should know, so as to adapt their place for these special requirements. In practice, this means that you should take proper safety measures that will keep pets safe. For instance, you can improve the fences on the balconies, to make them protective enough for the pets. Also, do not forget to include the pet-friendly features into the rental ad.

Ubiquitous Internet

It is highly likely that modern tenants will first ask you about the speed of your Internet connection and then inquire about the rent. Indeed, millennials are simply obsessed with the Internet and all the advantages it brings. This is why a landlord whose target audiences are younger employed people should ensure a fast Internet speed. What is more, since most Internet providers nowadays offer a fair download speed, it is important to pay more attention to the upload speed. This distinctive feature might make your rental stand out from the crowd and meet the millennials’ demanding tech requirements.

Abundance of appliances

If you are 25 at the moment, you need a place that offers fair comfort at a reasonable price. What you don’t need is a half-empty space. Therefore, if you want to rent your place as soon as possible to a millennial, you have to equip it with all the appliances that an average young person will need. Here it is important to advise landlords to rent well-equipped properties to employed, reliable millennials. Also, asking for a deposit payment is a must if you want to protect your property and the appliances in it.

Also, renting an equipped place usually means that the landlord is in charge of all the repairs. From replacing the devices that break down, such as the stove and the fridges, to regular maintenance, like taking care of air conditioning repairs and solving the heating issues, landlords are obliged to deal with all those details.

To conclude, people renting their places to millennials have to ensure comfort for their tenants. Also, bear in mind that this generation is struggling to make the ends meet more than gen X-ers and baby boomers. Of course, always protect yourself with a written agreement and a down payment, but then cut your millennial tenants some slack and let them live happily in your well-equipped rental.

Posted in: Rental

About the Author:

Jon Clark is an Internet Marketing Consultant, Entrepreneur and current editor of the Facebook Marketing Blog. Jon loves coffee, sports and NY. You can follow him on Twitter @jonleeclark or circle him on Google+.

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