Millennials make up the largest segment of qualified renters in the country and are a huge market for investors. Seeing their elders struggle financially in the Great Recession of 2008, Millennials are wary of homeownership, viewing such as risky and precarious. For many who are burdened with unprecedented student loans, purchasing a home can seem financially unrealistic. Consequently, Millennials tend to prefer to rent rather than buy significantly more when compared to past generations. Perhaps the most important reason for homeowners to market to Millennials – there are almost 90 million of them, accounting for about 25% of the country’s population. For the past several years, Charlotte has consistently ranked in the top 10 fastest growing cities due to an influx of Millennial graduates and professionals.
To ensure your home is attracting this valuable pool of renters, consider the following:
Sustainable living, environmental consciousness, and energy efficiency are essential to Millennial renters. Updating to energy-efficient appliances, adding bike storage, and introducing some green space can enhance your property’s appeal.
Millennials make up a remarkable 35% of the pet ownership market. If your hone is not marketed to be pet-friendly, you are missing a massive segment of available renters and the financial benefits in the forms of pet rent and fees. If you are planning any renovations, consider pet-friendly materials in your construction and finishes, such as LTV flooring instead of carpet or traditional hardwoods.
If possible, create a space to entertain on your property. Grilling areas, fire pits, and deck spaces are among the most highly sought-after amenities for Millennial renters. Investing in these features will not only attract and retain Millennial renters but will add significant value to your home when it is time to sell.
The Millennial generation makes up the largest segment of the rental market today. They are excellent candidates for Charlotte investors looking to rent a home, and we strongly encourage optimizing your home’s potential to attract this critical demographic.