Flexibility is one of the good qualities a landlord should have. Being able to adjust to the times is no small feat, but it can work to your advantage if done well. A landlord may adapt to different things like house designs, modern home features, and even the generational behavior of tenants. The age group of the tenants you are marketing your units to is an essential basis for you to figure out their preferences when it comes to renting. You need to know what they want so you can market your units accordingly. Let us focus on the current generation: the millennials.
Millennials are those people born between 1981-1996. You might even be a millennial yourself, so you might already be very familiar with the things they like. This group is currently in their working age and looking for places to rent. The number of millennials who prefer renting rather than buying their property is increasing. Since this generation likes traveling, it is easier for them to relocate as they please if they don’t own a permanent residence.
Here is a guide to knowing what millennials want in their rentals. You can highlight these things when you create your property listings at Padleads to catch their attention.
• Location, location, location
Like everyone else looking for property rentals, this group identifies the location as one of the most important factors. But for a slightly different reason than some. Millennials like to keep up with what’s new and trendy. They want their location to be accessible to the hottest spots in your area like modern restaurants and fun hangout places.
If you want to attract millennials to be your tenants, make sure that you present your property as a perfect location for them. You can focus on introducing them to the events happening in your area. You can also list down establishments like fitness centers and cafes to pique their interest.
• Modes of Transportation
This group will choose convenience every time, even in their transportation. They will likely prefer a property with a spacious parking space for their car. Millennials do not like wasting time looking for a place to park. But then again, doesn’t everyone?
Millennials are also becoming environmentally conscious, so some of them prefer using bicycles as their mode of transportation. Provide them a safe space to lock up their bikes. Having local businesses near the property will also encourage them to walk instead of taking their cars.
• Pets
Having a no-pet policy might be a problem. Millennials love having pets around, so if you have a rule against having animals in your rental, that can become a deal-breaker.
Reconsider your no-pet policy. There are a lot of other advantages if you rent out to pet owners. There are ways to renovate your property to become pet-friendly, and you can also include a clause in the lease agreement that will entitle you for compensation in case their pets cause damage to the unit.
As long as you have a well-structure pet policy, set limitations, and manage animal liability, you shouldn’t be too worried to accommodate pets.
• Amenities
Millennials will not only look at the available establishments near the property, but they will also check out the amenities INSIDE the property as well. Millennials are up to date with the latest trends in the market. You can invest in modern technology like electronic locks and smart gadgets.
You must also keep in mind that these people are living in a fast-paced and hectic world of workers. They need to have unlimited and fast internet to keep up with their duties. Allow them to contact you through emails and SMS because it is more convenient for them.
• Flexible
Millennials prefer to have mobility in their lives. They do not want to be tied down because they are a spontaneous group of people who like to change their lifestyle quickly. Having a long-term contract might put them off because they like having the freedom to live spontaneously.
Try to offer them with a short-term lease instead. These young people are very particular with these things, so you should be transparent about the terms included in the lease.
A good landlord is always willing to accept change and make certain adjustments for their tenants. Learn how the millennial generation of renters live so that it is easier for you as their landlord. You might even learn a thing or two from them.