An important component of success with millennial renters is the ability for landlords to anticipate and prepare for future rental trends. It’s important to stay aware of client characteristics, preferences and tendencies. The Millennial Generation – or Generation Y – was born in the 1980s and 90s and are now in their late 20s and 30s.
Although the Millennial Generation has been known for leaving the nest late and even returning to their parent’s home after leaving due to job loss or economic constraints, many are finding their independence. Since millennial’s are known to prefer renting to buying property, they are now a target market of many landlords.
Some of the positive and negative characteristics attributed to millennial renters include:
- Technologically savvy
- Have a short attention span
- Prefer jobs that allow them flexible schedules
- Liberal and open-minded
- Can be self-centered and apathetic at times
Landlords should be aware of these personality tendencies with potential millennial renters when marketing to them. If a landlord’s properties are in areas where there is a high concentration of this demographic, it is wise to cater to both their strengths and limitations.
Adding key upgrades and conveniences to properties can help with drawing in this tech-savvy group and coaxing them to stay on as tenants. Many will appreciate Smart technology inclusions such as modern appliances, digital thermostats and a connection to the IoT (Internet of Things). Add USB outlets, Smart home security systems, fire detectors and sprinkler systems. Free wireless Internet will always be appreciated.
How to Reach Millennial Renters
Connecting with this generation as tenants also requires using technology and Internet resources. Online listing portals such as Craigslist, Realtor.com, Cozy and Zillow Rental Manager allow landlords to market to potential tenants where they spend a majority of their time.
Online Rental Applications
Consider allowing rental applicants to apply online as well. Online applications are also more convenient for landlords. The information can be accessed via the cloud from anywhere and serve as a more streamlined alternative to paper applications, which can be easily lost or damaged.
Communicating with Millennial Renters
Keep in mind that this generation, while bright and tech-savvy, is known for their short attention span. They prefer communicating in short bursts via text or on social media. While phone calls are more ideal for detailed communication, landlords should strive to be flexible and adaptive to their millennial rental clients.
An increasing number of millennial renters are pet owners. Landlords who aren’t already should strongly consider allowing pets in their properties to cater to these renters. Modifying properties to be more conducive to safe and satisfying pet ownership can make properties more inviting. Adding a higher security deposit to the rental terms is expected and usually won’t pose a problem for applicants who are pet owners.
Lastly, landlords should apply the same tenant screening measures with their millennial rental clients as they do with all other rental applicants. While they likely have a shorter rental history than most, a check into their past can determine if there are problems with evictions, criminal history or finances and credit score.
Sources: https://www.livescience.com/38061-millennials-generation-y.html and http://www.businessinsider.com/internet-of-things-definition