Laden with student loans, proud of unique lifestyle preferences, and wary of the growing housing prices, most millennials find it more convenient to rent than buy a property. Given this inclination, understanding young renters’ needs will certainly give you an edge over the competition in your neighborhood.
As a reputed rental management company in Southern California, experts at RTI Properties Inc collaborated to offer you insider tricks you can leverage to drive this population segment, millennials, to your rentals.
Tried & True Tips to Attract Millennials to Your Rental
- 1. Modernize Your Rentals
- 2. Allow Pets and Highlight This in Your Listings
- 3. Make Your Property Eco-Friendly
- 4. Digitize Your Rental Property Management
- 5. Market Neighborhood Qualities That Appeal to Young Renters
1. Modernize Your Rentals
You may have established your rental property in the early 1980s, but young renters do not want to feel like they live in the 80s or 90s. A few upgrades that appeal to millennials’ lifestyle can work miracles in filling your vacancy and to retain them long-term.
Among the extensive upgrades, you might consider open floor plans, replacing carpet with hardwood/tile flooring, and more access to natural light. But you do not have to go premium- here are a few affordable rental property management updates to tune up your vacant unit:
- Upgrade lighting fixtures: Replace old lamps with modern options, including pendant lights, track lights, recessed lights, and flush-mount fixtures, that bring with ease the glamor millennials are looking for.
- Add a fresh coat of paint: Upgrade your rental’s interior with a new coat of neutral paint that allows young renters to tailor their spaces to their lifestyles. Painting doors and cabinets eliminate the need to replace them, which can be a pricey investment.
- Swap old cabinet and drawer knobs/pulls for the sleeker chrome or vintage sets.
- Install smart tech: Millennials are notorious for their love of smart technology. Among the options that can align with this preference include smart leak detectors, smart keyless locks, smart security systems, and automatic lighting systems.
2. Allow Pets and Highlight This in Your Listings
Property owners have always frowned on pet-keeping, typically due to the property damage and extra maintenance pets bring along. Well, those are among the cons of renting your property to pet owners, but drafting the right pet policy can help solve most of the inconveniences- and drive an incredible number of millennials to your rentals.
To put into perspective the market share you could be losing with a no-pet policy, approximately 37m millennials own pets, representing 27% of pet owners. Still, renters are often more than willing to go to any lengths to accommodate their furry friends. It is not surprising that over 20% of renters hide their pets from property owners and managers. With that in mind, rethink your development, construction, and furnishing decisions for a pet-friendly rental.
3. Make Your Property Eco-Friendly
Concerned about climate change, depletion of natural resources, and pollution, millennials are increasingly becoming environmentally conscious. And willing to spend more on environmentally sustainable solutions. You, therefore, expect them to respond favorably to eco-friendly rentals.
Install energy-efficient enhancements that cut down on lighting, heating & cooling, and water costs. Cognizant that most VOCs (volatile organic compounds) are common culprits for poor indoor air quality and a myriad of health issues, use low- or zero-VOC paints to refresh your property’s look.
Other tips to make your property greener include harnessing solar energy and installing low-flow toilets. Installing a solar system is a sizeable upfront investment but with an enviable potential for incredible long-term savings.
4. Digitize Your Rental Property Management
Typically growing up in the smartphone era and accustomed to instant gratification, millennials are increasingly looking for rental properties online. As such, you will want to improve your online marketing approach to tap into the market potential. Optimize your online listings with compelling copies, highly relevant keywords, and alluring visuals. And make the viewing and application process straightforward.
As of 2020, 88% of millennials use social media daily. Accordingly, leverage social media marketing and advertising to engage young prospects. Still, you can communicate with your tenants via social media platforms.
Over 92% of Millennials own a smartphone, according to Pew Research Center. As such, embracing modern payments will keep with the group’s radar. If you are thinking about working with a professional property management company, verify whether they have adopted property management tools. They are excellent options for saving time and money by automating and streamlining plenty of tasks, from lease tracking, maintenance requests to rent payment.
5. Market Neighborhood Qualities That Appeal to Young Renters
Part of marketing your properties is letting your prospects know what your neighborhood has in store for them. Start with understanding the neighborhood features that appeal to the millennials and leverage them accordingly in your real estate marketing strategies.
Being young-blooded, millennials have an uncanny preference for:
- Shopping and entertainment: Young renters want to be close to urban environments with restaurants, malls, movie theaters, and other attractions with cultural and social appeals. Even if the amenities in your neighborhood are not uber fancy, a favorite coffee shop or a public park with tree-lined paths are definitely worth a mention.
- Proximity to public transport: Millennials travel less by car and typically prefer shorter commutes to work or entertainment/shopping hubs. Do not hesitate to highlight your property’s proximity to train, bus, and ferry stations in your property listing. And if there are paved paths that allow residents to bike safely and easily, call them out!
The Bottom Line
To attract millennials to your rentals, it is important to adjust your property design, management, and marketing strategy to best suit their preferences.
If you are struggling with filling vacant units or performing other property management duties, it is time you partner with a rental property manager committed to your success. You save money and time and enjoy the peace of mind that your rentals are in safe hands. Still, you get time to focus on other important aspects of your life.
The above is precisely what you enjoy when you trust RTI Properties Inc. with your rental property management. As a leading rental management company in Los Angeles County and The O.C., we understand what millennials want, the best message to pass to them, and ways to keep them in your rentals. Call us today at 310-532- 9122 or reach us online to schedule a free consultation and learn how we can help you with rental property management.