Millennials have saturated the rental market, making up roughly 40% of it—becoming the largest group of renters in any other generation in the United States.
Millennials are vastly different from the previous generations, and, as a landlord, not considering these differences when trying to fill your property can hurt your chances of renting to them.
In this post, we’ll help you land more millennial tenants by exploring five ways you can cater to their needs and wants as a landlord.
1. Apartments that Allow Pets
It’s no secret that millennials are having kids later than the generations before. But what you may not have known is that 44% of millennials consider caring for a pet as practice for caring for their future children.
In fact, a whopping 35% of pets are owned by millennials, surpassing the percentage of pets owned by individuals in other generations.
By extension, catering to this trend and making your property pet-friendly could increase your chances of renting to a millennial—yet many landlords don’t because of the potential risk of damage. In reality, many pet owners have a hard time finding apartments that allow pets.
You can lower your risk by including a pet deposit or fee in your Residential Rental Lease. This deposit or fee can then be used if any damages occur as a result of the tenant’s pet.
With a deposit or fee and a pet-friendly property, you can feel protected while still being accommodating to the needs of tenants with pets.
2. Residential Complexes that Consider Environmental Friendliness
Millennials care about sustainability and are even willing to pay more for items that consider environmentalism, such as corporations that use less or environmentally-friendly packaging.
A millennial’s desire to only support corporations that match their sustainability beliefs is so strong that 45% of millennials are willing to switch the brand they normally buy to a brand that is committed to environmentalism.
For landlords, going green is a great way to stand out from your competitors, and there are plenty of ways you can do so, such as:
- Being mindful of the ingredients in the cleaners or pesticides you use: there are many biodegradable or chemical-free cleaners you can choose from to maintain your property.
- Using different lightbulbs: eco-friendly lightbulbs are often more efficient and last longer than traditional incandescent ones.
- Investing in solar energy: though costly to install, if you can add solar panels to your property, your long-term return on investment is worth it. In the interim, adding solar panels could earn you some money through the Federal Business Energy Investment Tax Credit.
Other ways you can make your property more sustainable includes replacing traditional showerheads, toilets, and faucets with water-efficient alternatives, going paperless, and/or adding more recycling bins.
You’ll likely find that by making your building more environmentally friendly, you are not only enticing new tenants with your responsible sustainability practices but you are saving money and the environment.
3. Communicating with Their Landlord Online or Through Text
Convenience is key, and most tenants do not want to play phone tag with their landlord just to inform them of something like a minor repair. This trend is becoming popular, and lots of rentals are moving basic services (like where tenants make maintenance requests or complaints) online.
Keep in mind, though using email or text is better for you or your tenant for simple conversations, you still have to consider the legal regulations in place when it comes to communicating with your tenant.
For instance, it may be okay to text your tenant and tell them that maintenance is done making a repair in their apartment or for your tenant to text you permission to enter their property, but it is typically not okay for you to text your Notice to Enter (the document you need to provide in order to legally enter your tenant’s unit) in order to make the repair.
4. Accessible Payment Options
While a handful of renters may not think twice about the form of payment your rental property accepts, to some, accessible payment options are a must-have.
For example, how many times have you seen a millennial write a check? Probably not often since over one-fifth of millennials have never done so. What’s more, 6 in 10 millennials don’t own a credit card.
So, before you set your payment options as check or credit only, which some landlords do, look at the popularity of other forms of payments, namely mobile and electronic payments.
Adding payment options can come at a cost to you, so do your research and make a decision that works for your situation—preferably one that doesn’t inflate your overhead budget.
5. Proximity to Important Places Like Banks, Grocery Stores, and Bus Stops
Many of us care about being close to important places and like to have the option of busing to work or walking to the grocery store instead of getting in our car. Millennials, however, buy fewer cars than other generations, which makes proximity integral to choosing a rental home for this generation.
One downfall is that the neighborhood surrounding your rental is sometimes not under your control as a landlord. However, if your property is close to a bank or a grocery store, it may be worthwhile to see how long it takes to walk there and include that information in your advertisement.
Advertising Your Rental
With the vast majority of renters being millennials, it’s a good idea to make your property more desirable to individuals in this group.
Allowing pets, considering your environmental impact, and making communication and payments more accessible are just some of the ways you can market your property to millennials.
Be sure to do your own research about your property and the surrounding area to make sure marketing to millennials works for you.
Do you know of other ways you can advertise your rental property to millennials? Let us know in the comments!