Marketing 101 dictates that in order to be successful, you need to know your audience so you can cater to their specific needs, desires and preferences. Given that millennials are now officially the largest generation, and perhaps more importantly – that 60% of them choose to rent rather than own – it only stands to reason that property managers and landlords need to understand who these people are and what they are looking for in terms of amenities. To help you better position your properties so they’re more attractive to younger renters, here are a few things to consider.
Location, Location, Location
By far, the location of an apartment or rental home is at the top of the list of deciding factors for younger folks when choosing where to live. More specifically, they are looking for the following:
- Access to public transportation
- Length of commute to work
- Proximity to family and friends
- Distance from dining/shopping/entertainment
If your properties shine in any of these areas, be sure to showcase that in your listings.
71% of young renters are carrying with them a significant amount of student debt. In fact, that’s one of the main reasons younger people are choosing to rent instead of own. If you want to market to this generation, you may need to compromise on price a bit. That being said, given that 78% of young renters also say they don’t plan on buying a home any time in the near future, you could easily make up the difference through tenant retention.
Like it or not, over 76% of millennials own a pet. As such, the majority of them will be seeking a living arrangement that allows them to cohabitate with their four-legged friend. Truth is, while there are certain risks involved, there are also plenty of advantages to allowing pets in your rental. For instance, being pet-friendly might help you edge out the competition and land more responsible, longer-term tenants.
Modern and Eco-Friendly
Last, but certainly not least, younger renters are looking for properties and landlords that match their fast-paced, high-tech lifestyle. You can capitalize on this by investing in smart technology and modern appliances. They also want to live in places that allow them to do their part to preserve the environment. Going green doesn’t mean you have to revamp your entire property. It could be as simple as installing LED lighting and low-flow water fixtures. At the end of the day, it’s all about positioning.
What about you? Do you have a special technique or strategy that helps you capture the attention of young renters? Please share in the comments section below.