In 2019, as many as 70% of millennials are renting a property while saving money for a home, and that number isn’t expected to change in the near future. However, there are positives and negatives to renting. For instance, renters can safely invest their future down payment, earning dividends until the time to buy a home comes around, but they are also limited in the changes they can make to their home.
We’re here to share what studying the market and talking with millennials about their rental experiences have taught us about how to attract and keep millennial tenants. Here are a few must-haves.
Some landlords primarily communicate via text message and e-mail, while others can barely work a cellphone. A millennial will take the tech-savvy landlord every time. It makes communication faster and more efficient, and they’re never left waiting for days on a return phone call. If they can make repair requests or rent payments through a website or app, they’ll be even more thrilled.
Almost 40% of millennials have pets, so unless you want to alienate almost half of your potential tenant base, you should consider allowing pets. Even if you only allow small dogs or cats, you’ll widen your tenant pool substantially. If you’re worried about damage, you can require a refundable or non-refundable pet deposit to protect your investment.
While you don’t necessarily need to have pendant track lighting and quartz countertops, you should make sure to upgrade lighting fixtures, faucets, and other hardware where necessary. Hardwood floors are also a huge selling point for millennials, so feel free to forego carpeting for a more stylish look.
Smart storage options and space-saving features like built-in shelving go a long way toward selling your property. The kitchen is also one of the most important rooms in a home for a millennial, so consider putting an island in to bring the kitchen together.
Millennials almost always consider a property’s environmental impact before becoming a tenant. Start small by upgrading light bulbs to LED lights rather than incandescent. LEDs are more efficient and last much longer than the alternatives. Low flow toilets and water reducing shower heads also appeal to millennials by conserving water. Finally, don’t forget to include recycling bins and services where available.
While you can’t exactly uproot a rental property, you can target select areas for new opportunities. An ideal location is close to shopping, groceries, banks, and public transportation. Fewer millennials are buying cars, so a convenient location is key. If the property is near a music venue, restaurant scene, or local craft beer, you’re even more likely to find a millennial tenant.