Real Estate Gladiators is an industry leader in the property management industry serving Issaquah, Bellevue, Kirkland, the greater eastside and surrounding areas.
A large part of the current tenant pool is a generation known as millennials. This group isn’t going anywhere; statistics show that they are more interested in renting than in buying property. They want to remain mobile and flexible, so homeownership isn’t as important as moving to a new place and enjoying a new experience. If you want to attract this pool of renters, you need to know what they’re looking for and how they behave.
Millennial Behavior and Rental Properties
Rental properties are attractive to millennial renters when they’re both authentic and modern. This is a generation of people who grew up with the internet. They’re researchers. They’ll spend some time digging into a neighborhood and a property, and they’ll be very well-informed when it comes to the rental value of your home. Don’t try to overprice a property because the millennial tenants you’re trying to reach will completely ignore it. They know what they’re willing to pay, and they won’t go over budget. Most of them are paying off college loans, and they want affordability.
While these millennial tenants are willing to move whenever they want to, they’re also renting for the longer term. They know what they want, and they will settle into a rental property and stay for a few years. They’ll look for historic and interesting details and they’ll embrace the neighborhood and the community.
Online Advertising and Responsiveness
When you want to attract millennials to your rental property, you need to create an interactive and strong online presence. Your listing needs to be easily found on all the popular rental websites and on social media. Photos have to be detailed and professional. They’ll expect an accurate representation of what the property looks like, and a walk-through video will also help. You might want to consider setting up a dedicated website for your property if you’re advertising it on your own. Be prepared to respond when they reach out for more information. If you don’t return a phone call or a message, they won’t chase you down. They’ll simply move onto the next property they like.
Impressive Amenities and Technology
Amenities will make a big difference to these renters when they come to see your property. If you’re renting out a unit in a building, they will look for swimming pools, fitness centers, common areas, and easy transportation access. They’ll be impressed with properties that are within walking distance to restaurants, shops, and cafés. Technology is going to be essential. If you offer a home that’s already wired for smart home technology that’s compatible with Amazon’s Alexa or Apple smart devices, you’ll make a positive and lasting impression.
Your potential millennial tenants aren’t going to be tremendously different from other potential renters. Like all tenants, they’ll want clean, well-maintained homes that are managed professionally and responsibly. These tenants will simply expect better service and excellent attention to detail.
If you’d like some help preparing your rental property for the millennial tenant pool, contact us at Real Estate Gladiators. We’d be happy to bring our expertise and our experience to the management of your property.