Millennials bring a unique perspective to the rental market. Their needs and wants differ than those of the generations before them in many different ways. This also includes what they are looking for in rental properties. In our latest post, we will explore some ways you can make your rental property appeal to millennial renters in New York.
As many millennials are finishing school and moving on to the real world, many are unfortunately carrying a large load of debt. They are driving up the single-family rental market and staying in their rentals much longer than the generations before them. With the high cost of homeownership, along with the responsibilities of owning a home, many are choosing to rent for as long as possible. There are a few great things you can do to attract millennials. We have included some of these below.
This generation really understands the importance of looking out for the environment. Adding things such as energy efficient light bulbs and alternative energy sources go a long way with this crowd. You can add solar panels if that is supported in your area to help them avoid pulling power from the grid. You can also do some out of the box things such as using rain barrels to collect water for the yard. Or maybe add some well-tinted skylights to add more natural light to the home, while still keeping the temperature down.
This generation was raised on technology and bringing this into their everyday home life has a lot of appeals. First, you can make sure the residence has great wifi. Set this up yourself, and factor it into the rental amount. You can find many devices out there to help you automate things in your home. You can control the lighting, temperature, blinds and even lock up the house, all with a push of a button. While you might not make your house a fully-automated wonder, incorporating some of these elements is bound to get the attention of a millennial renter.
More and more millennials are taking the time to travel and live the nomadic lifestyle while they are young. Having the freedom to move is very attractive to those who don’t want to feel tied down to one spot for too long. Consider making your lease more flexible, decreasing the penalty for breaking the lease provided you are given ample notice in order to find a replacement tenant. Of course, you don’t want to be looking for new tenants month after month, but by providing a little flexibility, you are bound to attract more potential renters.
It is important to keep the property as low-maintenance as possible. The yard shouldn’t require much work. Your tenant isn’t likely going to want to spend every Sunday mowing the lawn, after all, that is what middle age is for right? Instead, create a modern and welcoming area outside that requires little to no maintenance. If you have plants, choose cacti or succulents as these sort of plants will require less maintenance. Bring this low-maintenance attitude inside as well. Don’t have granite counter-tops or appliances that require special cleaners. Things should be simple, modern and clean.
The location is very important to millennial renters. Many millennials opt to not own a car, so you will want to make sure the property has easy access to public transportation and is close to amenities they might be looking for. Having a restaurant, coffee shop or bookstore nearby are all big attractions for this generation.