According to the Washington Post, renting is becoming increasingly popular among millennials, which includes anyone born between 1981 and 1996. Along with the baby boom generation, millennials are the fastest growing group of renters in Richmond.
Millennials tend to be more drawn in by urban or downtown environments and larger than life amenities. The possibility of relocation for a job or school is more feasible when you rent a property, and millennials are the generation comfortable with making that change—they're also part of the social media networking generation, so creating a sense of community within their neighborhood is important to them.
By applying just a few of these simple tips, you can capture the attention of these unique tenants and showcase how your rental can be their next home-sweet-home!
1. Maximize the Power of the Internet
When listing your property, using social media is a great tool to draw in the millennial generation: millennials search for almost everything online, and newspapers are no longer something that they check when looking for a property. There are many social media avenues you can take to list your property; a Twitter page for your property or a YouTube tour are both trending.
Millennials in Richmond may use a basic google search for your property’s address, and the more information that you have out there for them, the better! You can also ask your previous renters to participate in a survey about the property or have them fill out online reviews that your potential applicants can peruse—even better, when previous tenants move out of your property, consider asking them to fill out a Google review. Reviewers can grant a star rating to property owners with or without writing a review, and this may be more appealing for millennials that might not want to have their name tied to a review.
2. Highlight Property Amenities That Are Relevant
Millennials tend to be more "eco-friendly" when it comes to their rental choices: if you are looking to appeal to only the millennial generation, you can consider making "green" or tech-savvy upgrades to your home. Options like solar paneling, gardens or available gardening space, and app-compatible appliances are all things that will cost money up front, and can come with costly repairs for a landlord, but will pay off in the long run.
Focusing on amenities your property has that appeal to your desired market can attract more applicants. Millennials, in particular, are more likely to appreciate technological upgrades to homes—like security cameras—or internet rolled into the cost of the rent.
They are also more likely to have pets and less likely to have children; consider adding a pet clause to your lease and using a pet screening service to make sure "Spot" is safe for your rental property! Since millennials don’t typically have children, proximity to schools or parks is less critical—proximity to work takes priority. If your property is on a bus line or has easy access to mass transit, this is definitely something to include in your listing!
3. Single-Family Rentals Can Appeal to the Freedom-Focused
Millennials are causing a significant uptick in the single-family rental market. The freedom to relocate, along with all the benefits of renting a single-family home instead of an apartment or condo, appeal to the millennial generation: they get a taste of home ownership, but with the convenience of a rental.
Millennials also usually prefer an outdoor space, whether for relaxing or for entertaining; outdoor spaces are easier to come by and to use in a single-family home environment over an apartment complex.
The older millennial generation—the "married with kids" variety—are also more drawn to single-family homes because they offer more space (indoor and outdoor) and tend to be quieter than apartment living.
4. A Property Manager Can Help You Reach the Millennial Market!
The millennial generation is the largest growing generation of renters: they enjoy the freedom of renting over buying because it keeps their debt low and their ability to relocate high. Millennials are a key group to target your rental toward, and if you disregard this unique crowd of potential applicants, you will miss out on a large portion of the tenant market.
Catering your property listing to a specific age group can be a challenge, particularly if you are not part of the age group you are attempting to target! Expert property managers have been trained and have experience writing listings for Richmond properties that appeal to all age groups and can help to take that responsibility off your shoulders.
Property managers can also offer you suggestions when it comes to ways to upgrade or change your rental properties or can assist you with finding contractors that can make technological or eco-friendly changes. If you are looking for ways that you can make your property more millennial-friendly, contact us for a free consultation!