Millenials with college debts used to struggle to acquire rental properties after four years of college. However, this is no longer the case as they have become the nation’s largest renting demographic. They are even beginning to buy homes.
So, the biggest question is, how do you attract these millennials to your available rental property? No rental property landlord, nor property manager, lives vacancy. Millennials can be an untapped market of the ideal tenant.
Below are five tips for property managers, homeowners associations and rental property landlords to consider:
- Digitize your rentals. Millennials grew up in the internet age. They’ll rather view rental properties, communicate with property management companies and landlords and make payments online. Read About Property Management Technology
- Make your rental properties eco-friendly. Most millenials are environmentally-conscious and like living sustainably. Consider composting, solar power and other green living initiates for your property and community.
- Allow pets. Most millenials would rather adopt pets than have kids. If you fail to allow pets, in your rentals, you’ll end up eliminating a very large part of this lucrative demographic. See Article on Tenant Proof – Safeguarding your Philadelphia Rentals from Destruction
- Market your neighborhood. Millennials would rather live in a neighborhood with lots of amenities. They respond to community. In addition to marketing your property, you should also market the events and happenings in your community, and a farmer’s market is an example of such events.
- Create relaxation spots. Millennials love engaging with each other. Create gathering spaces such as barbecue spots and welcoming lobbies where tenants can gather together to mix and mingle.
Not sure about how to go about all these? Why not enlist the services of a property manager to help you design the right marketing strategy to capture the millennial demographic and lots more.
