At Rentigo, we understand how important it is to keep your millennial residents satisfied, so we asked our clients to list out the most relevant attributes that millennial renters look for in a rental property. Through this survey, we concluded that the most attractive characteristics of a rental property for millennials are amenities, convenience, and community. Here is a detailed look at these attributes that millennials look for in their next home.
Whether it be a pool, an outside patio grill, a fitness room, or simply a spacious lobby, amenities separate your property from the competition and attract potential millennials.
While your property may not currently possess all these features, maximize your property’s potential by incorporating these attributes into the daily life of your tenants. Have rooftop access? Place comfortable, outdoor furniture on the roof to create an outside event space for groups to gather. Own greenspace adjacent to the units? Set up picnic tables and an outdoor grill for your tenant to utilize and possible invite others to join in on the fun.
Consider investing in better amenities that will ultimately raise the appeal of your units. Install current, stainless appliances for an updated look as units become available. For some, adding a stackable washer and dryer inside the premises will have greater appeal to millennials than a new refrigerator. Know your tenant base and what they desire to make the most of added features.
Furthermore, over 30% of millennial renters own pets so make sure some of your units are pet-friendly. Provide access to dog-walking services and play areas as well as outside faucets for pet-washing. Catering to a tenant’s “family” can go a long way in higher retention rates.
Especially in urban settings, the convenience of grocery stores, pharmacies, and public transit stations is a must. Even if your location is not precisely a busy downtown district location, be sure to provide information and highlight these high traffic areas of interest to potential renters — convenience is a must for millennials.
For convenience, consider including utilities in the rental rate — younger renters often prefer this added feature as an option to better budget their monthly rental costs. Furthermore, by using an online based management process, such as Rentigo, tenants value the added convenience and embrace with ease the implementation of technology for payment methods, maintenance requests, and communication between landlords and tenants.
A strong, vibrant nightlife is an important part of the millennial’s social life. Make sure your property provides easy, 24-hour access to accommodate their lifestyle.
As millennials often consider long-term leases, building community within your property will keep your tenants happy and will significantly lower the turnover rate. Plan community-wide social gatherings, service projects, or holiday celebrations to encourage your tenants to get to know their neighbors. Millennials are often young professionals; new to the area. By hosting a complex-wide social event, fellow tenants are able to meet one another and form a community around each other. Tenants will appreciate the efforts of an active property manager in hosting events, keeping them informed of community events, and having an open line of communication.
While affordability, square footage, and number of bedrooms appear to be important factors, millennials seek out certain amenities and conveniences when searching for their new place. As millennials move away from the idea of ownership in the suburbs to renting in the city, multi-unit complexes are becoming increasingly desirable and landlords need to capitalize on this large influx of potential renters.