How to Attract Millennial Tenants?

Millennial. There are all kinds of different meanings around that word. But regardless of your opinion, as a landlord, they are a generation you can’t afford to ignore. As the older generation settles down and buys their own homes, Millennials (around 24-35 years old) are taking over the rental market. Most importantly, they are now the largest generation alive.

This means that landlords need to take into account the qualities of the tech-savvy and globally conscious generation if they are to appeal to the right audience.

6 things to make your property more attractive to millennial

Pet Friendly 🐱🐶🐯🐻🐷🐵🐮
With the Internet age in full swing, it’s harder than ever to avoid seeing cute photos of dogs or cats. Their cute faces melt our soft hearts.

What was once the domain of “crazy cat ladies” now has hundreds of Instagram pages with millions of rabid followers who just can’t wait for the next cute photo of a furry creature in a hat to go “awwww”.

If Millennial’ s apparently obsessive love for furry balls isn’t enough to convince you, it’s probably worth noting that about 76% of Millennial own pets. As landlords, we understand the damage that pets can do to a property, however, capitalizing on this obsession can help you attract the majority of tenants and help you minimize vacancies.

Millennial love pets and they are willing to pay extra for them.

Install a smart meter
Getting information has never been easier. And no one has a better understanding of the environmental problems our planet faces as a result of direct human action.

We (yes, I’m one of these millennial) grew up with a constant inundation of viral articles, memes, images and videos that left no room for doubt in our minds that something needed to be done to help protect our planet for future generations.

Many companies are already using eco-conscious products to achieve this goal. Something that isn’t being talked about, however, is making homes more eco-friendly.

In 2008, Europe and the UK signed an agreement to reduce carbon emissions by 80-95% by 2050. One of the main focuses of the agreement was to create more energy efficient homes. To do this, the government is handing out several incentives to homeowners across the pond.

In the United States, this is not talked about or incentivized in the same way. But that’s not to say that millennial renters in the U.S. don’t want environmentally friendly, energy-efficient homes. They do want it.

Installing a smart meter is one way you can help them reduce their costs by 20% or more. The planet will thank you, they’ll thank you, and that brings us to the next topic — their wallets will thank you.

▶️ Provide more value
In the age of Airbnb and overactive consumer services, millennial want value for their money. To appeal to that feeling, you need to offer more. You need to offer them freedom, value and good customer service.

Many (certainly not all) millennial are very aware of their money. The average American’s wages haven’t increased with inflation, but the cost of living has steadily increased.

Offering more value for money, whether it’s something as simple as installing a smart thermostat to help tenants manage their energy bills, then will serve you well when trying to attract millennial tenants.

Stay active on social media 💻🎛📱⌚️
In a study by Social Media Today, they found that people spend an average of about 2 hours a day on social media. Personally, I suspect that number could be higher because I know for a fact that most of my friends don’t stop looking at their phones — at all.

So the way to reach millennial is through the social media channels they spend so much time looking at every day. In order to get your property in front of the right tenants, you need to be active on the right social channels.

Build a good online presence 👩💻👩🏫
It’s not just about being on social media. You need to convey the right message and present yourself, your brand and your property in the right way. With the internet being so prevalent in our lives, it can be a learning experience to think that potential tenants won’t do a quick Google search and find out all the information about your property.

Then you should control your online presence, not let your tenants control it. You should have your own website, and a strong social media presence. This is where you should document the good things you do for your tenants in terms of property management, as well as having tenants comment on you as a landlord. There is nothing more powerful than reviews.

Having some five-star reviews that prove you are a landlord worth renting from will help you get the best tenants.

Offer a better lifestyle 🏋️♀️⛹️♀️🧘♀️
Millennial are health conscious. They want to maintain a quality work-life balance. Part of that is doing regular exercise and eating healthy.

If possible, you can convert a free space in your building into an exercise area. Or, if that’s not possible, consider reaching out to local businesses and working with them to get your tenants a good deal at a local gym or restaurant.

Improve your common areas 🏡🏘
Our final point is about the common areas of properties with multiple occupants.

Shared living arrangements are very popular with millennial. The company is responding to this demand by adding some luxurious high-end communal kitchens and common areas.

These sensible little touches make the whole rental experience better for everyone. You may also find that having nice open common areas will also attract other tenants and make your property more attractive overall.

Conclusion
Millennial are currently the largest group of renters, but it won’t be long before they become Generation Z. When that day comes, if you haven’t managed to adapt to renting to Millennial, you will find it more difficult to rent to a generation that is more entrenched in mobility, digitization, globalization and social networking.

The way people engage with the world is changing. The way we manage our businesses and rentals is changing with it.

Thankfully, technology is adapting faster than ever before, making it easier for landlords to reach out and engage with relevant people in the right way.

Sites like Bigger Pockets and Zillow make it easier than ever to learn, engage with your community, and get your rental in front of tenants. And of course, GPS focuses on rental management properties as a one-stop shop, helping more landlords achieve property management freedom!

Article is recreated from landlordstudio.com. “6 Actionable Tips for Appealing to Millennial Renters” By Danielle Mason.