How to Attract Millennial Tenants
Younger people like to move around and try new places. This is great for renting. Younger people have less income and less disposable income, this is again, great for renting. Younger people like to live in cities and close to where the action is, again, a bonus for the rental market. The Millenials are the younger generation, and they like to rent.
The Millennial generation has overtaken the Baby Boomers as the biggest since their birth and they would rather lease than buy, and that is wonderful data for landlords, property owners, and letting agents. So it makes sense to target millennials when you have vacancies in your rental properties.
But how can you reach out to millennial consumers? Their objectives vary from older tenants. And how do you keep millennials as tenants?
1. Millennials adore pets and would gladly pay a premium for them. The damages that pets can cause to a property is well known to us landlords, yet taking advantage of this pet-landlord relationship may help you win more renters and keep vacancies low. Despite a property having a no-pet restriction, several millennials may seek ways to sneak pets in rent. Millennials will be more open to your apartment if you offer it pet-friendly since this will differentiate it from other homes on the market.
2. Millennials are completely immersed in social media and technology. As a result, if the property lacks the most recent technical facilities or capabilities, such as Wi-Fi access, an entertainment cable network, and so on, it will quickly lose its charm. Property management must have a robust digital footprint to target this generation who use online review sites like Facebook to locate a UK property. Last, many tenants may expect to do everything digitally, from paying rent to filing complaints.
3. Home automation is a must for landlords. Millennials often rent homes with contemporary features. These features will modernise the dwelling. The use of smartphone apps to connect with one’s home is one of these emerging trends.
There is a shift occurring in how individuals interact with the world. And along with it, the manner in which we are supposed to handle not just enterprises but also rentals. Millennials are the dominant renting demographic, but soon it will be Generation Z. If you haven’t adapted to leasing to Millennials, it will be increasingly tougher to market to a generation immersed in mobility, digitalization, globalisation, and social media networks.
