Millennials, typically described as the cohort born between 1981 and 1996, can have different requirements as renters than their predecessors. Unlike Boomers and Gen X renters, millennials may value convenience, amenities, and technology.
With rental prices rising with demand in big cities, millennials also want more value for their money. Learning how to attract quality millennial tenants is critical because millennials are the biggest renter demographic in most major cities.
Here Are Five Best Steps For Attract Quality Millennial Tenants:
Try some or all the following steps to attract such tenants:
1. Use Digital Channels
Unlike previous generations, millennial renters typically don’t find homes through newspaper ads or magazines.
They don’t drive around in neighborhoods scouting for “For Rent” signs either. Millennials usually use online marketplaces, renting apps, and social media pages to hunt for homes.
Ensure that your home is listed in the most current marketplaces and optimized with high-quality photographs. Please also remember to include essential information such as the number of rooms or pet friendliness.
2. Utilize Next Level Technology
You can connect with tech-savvy millennial renters using technology such as Augmented Reality (AR), Virtual Reality (VR), and even drone footage.
Of course, you don’t have to be an expert to utilize these tools for your listing — you can hire a team that specializes in creating next-generation marketing footage for rental properties.
3. Hire a Property Management Company
Hiring a top property management company can quickly boost your market reach, especially in sprawling and competitive metropolitan areas.
For example, the right experts in Toronto property management can use various proven marketing channels to match you with quality renters in Canada’s fastest-growing city.
They can also help you link up with quality millennial renters that treat your property with love and respect and pay their rent on time. For example, they may use criminal, employment, and financial reports to zero in on the most desirable applicants.
Once you attract an excellent millennial renter, you must strive to keep them! The best property management companies will also help optimize tenant relations by handling maintenance concerns, rent collections, and other common issues. They will also focus on re-signing your quality tenant year after year to help you avoid costly vacancy time.
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4. Offer Amenities
Millennials are looking to rent homes that offer value. Equip your rental property with amenities such as a microwave, fridge, washer, and dryer. Consider improving your home’s aesthetics by upgrading the fixtures.
If you’re looking to buy a property for your rental property business, look for homes with qualities that millennials value. High walkability scores, eco-friendly architecture, and closeness to schools, parks, and restaurants are attractive attributes in a home for millennials.
5. Turn Your Property into a Smart Home
As mentioned above, millennials value technology and convenience. Homes with smart home devices offer both. Consider adding a keyless entry, voice assistant technology, smart security, smart thermostats, smart appliances, smart lightbulbs, and other modern technology to your home to draw millennial renters.
Millennial tenants have certain expectations when hunting for rental homes. Leverage technology and the right professional services to quicklymatch with high-quality millennial renters.