Every generation is different, that’s a fact. Born between 1980 and 2000, the Millennial generation, now between the ages of 17 and 33, is the prime target group for rental units across America. As the Millennial generation is the ideal rental age group and generation, they are who you should target when buying and marketing a rental property. Growing up in a digital age, Millennials want different things than older tenants, and as a current or potential owner of a rental property, you should take note of these differences. What does the Millennial generation prefer? Here is what you should know…take note when buying and marketing a rental property!
Furry Friends are a Top Priority
Millennials love their furry friends. According to a survey released by research firm, Mintel, more than three-quarters of Americans in their 30s have dogs and 51 percent have cats. To ensure your home appeals to the Millennial generation, ensure your lease accommodates for pets. However, do ensure you set a pet deposit to protect your investment.
Multimodal Transportation
The average Millennial chooses the best transportation mode (bike, walk, drive, or public transit) for the trip they are planning. According to the “Millennials and Mobility: Understanding the Millennial Mindset” study, 79 percent prefer walking, 63 percent prefer driving a car, 45 percent prefer public transit, 43 percent prefer subway or light rail, 26 percent prefer riding a bicycle and 25 percent prefer ridesharing (with people at work, or people who work in the same area). In addition, the study found that the Millennial generation is attracted to communities that have a multitude of transportation options within close proximity.
Eat-In More Often
According to a survey conducted by Peapod and ORC International, Millennials are twice as likely as Baby Boomers to cook at home – 49 percent of Millennials to 24 percent of Baby Boomers. What are the reasons behind eating in? The top 3 reasons are as follows: 60 percent want to save more money, 59 percent want to eat healthier and 55 percent want to waste less food. What does this mean for you as a landlord? Focus on the kitchen. A great kitchen is extremely appealing to a generation that enjoys cooking dinner at home.
Multiple Payment Methods
From traditional methods, like checks and cash to mobile payments, Millennials use a variety of payment methods. However, studies are showing that mobile and online payments will become the most popular method by 2020. As a landlord, if you don’t already have mobile/online payments available, you should shortly.
What else should you know about Millennial renters?
- Safety is a Top Concern – Millennials want to feel safe in their own home. As such, ensure your rental property is located in a community where people feel safe walking home.
- Search for Information Online – Technology is a huge part of a Millennials life. Ensure your rental property is easily found online and use social media to market your property, as this is where the Millennial generation looks!
- Social Space is a Priority – Millennials love to entertain. If you are searching for an investment property, make sure there is space available for entertaining – outdoor area, living room, dining room, etc. Or, if the property doesn’t, highlight nearby destinations where they can eat, drink and socialize.
- Love the Outdoors – Despite growing up with technology, most Millennials were still part of the generation that played outdoors with their neighbors. So, while indoor aspects are essential, so too are outside spaces. As such, a rental property with an outdoor area or garden is extremely appealing to the Millennial generation.
As the Millennial generation makes up a large percentage of the rental population, it is important to take the preferences above into consideration.
Are you interested in purchasing an investment property in the Austin area? Let us help you find the perfect spot! Give TALK Property Management a call today.
