The term ‘millennials’ is just a nickname that’s been given to those born between 1980 and 2000. But there’s a reason that a whole new nickname has been given to the new generation of young adults, and that’s because they can seem a world apart from the rest of the population.
They’ve grown up in a digital age, and so their wants and needs are a little different to those of older tenants. So here are a few things to keep in mind if you plan on renting your property to millennials:
1. They prefer to rent
A lot of millennials have been through the stress of student loans, and so aren’t too keen to take out another loan to buy a house. They also prefer the more flexible lifestyle that comes with renting.
This means that millennials make up a huge percentage of renters, 40% in fact, so they should be who you’re targeting when you market your rental property.
2. They like the latest amenities
Having grown up with gadgets, technology and the latest appliances, millenials are used to the latest amenities. They’re much more likely to rent with you if your property is kitted out with all of the essentials – and their list of what they deem to be essentials might be a little longer than yours.
This means Wi-Fi throughout the whole property, kitchen appliances and if you want to go the extra mile, energy saving appliances.
They’re much more likely to rent a place that has these things, even if they have to pay a little more rent, than they are to make do without.
3. They like to entertain
Social space is a priority for many millennials. They like to entertain, or at least to just have the option of entertaining.
So making sure your property has social space set aside, whether that be a living room, or a garden area, could help you secure some millennial tenants.
If your property doesn’t have any social space, it would be a good idea to highlight to potential tenants nearby places to eat and drink where they can socialise. Often it’s the social lifestyle they’re after, rather than space in the home to entertain.
4. Many millennials come with a furry friend
More and more millennials are falling in love with the idea of having a pet, if they don’t already have one. So making your property pet friendly could attract more millennial tenants.
For many, a property that doesn’t welcome pets is a property that they won’t consider.
5. Millennials like to cook
With the cost of eating out on the rise, and many millennials still struggling to pay off their student debt, most millennials prefer to cook at home, rather than order take out or head to a restaurant.
This means that one of the first things millenials look for when finding a home to rent is a nice kitchen. They want to feel comfortable cooking and eating at home, and not feel pushed to eat out instead.
So making sure your kitchen is up to date and fitted with all the necessary appliances can make all the difference to your success in finding a tenant.
6. They want to feel safe in their home
For many millennials, renting will be their first independent living experience, so they want to feel safe in their home. This means they want to see security measures, like a good lock on the door, perhaps a chain, and even security cameras in apartment buildings.
Millennial renters won’t risk renting a property in an area they don’t feel safe in either. As a younger generation, they’re likely to have the odd night out and want to feel safe walking home.
7. They find all of their information online
Phones have become a big part of millennials’ lives, they use them for searching every query they could possibly have.
This means that when you’re marketing your property, you should make sure you can be easily found online, and that all necessary information is readily available. They’re not big fans of calling to enquire, so if they don’t find everything they need online, they might skip past your property to find another.
This also means that they’ll be looking for other tenant’s reviews of you online, so it could help you in the future if you ask current or previous tenants to leave you a review.
8. Millenials are big on bikes
The younger generation are becoming more concerned with saving the environment, and many prefer to ride a bike rather than drive a car. It’s better for the environment, and it’s a money saver.
So thinking about possible bike storage, whether there’s a nearby bike shelter, or if you should have one built, is a good idea.
9. Millennials are starting to think about family life
Whilst we may think of millennials as the younger generation, many of them have now reached adulthood, and have started to form a family.
Many millennials already have young children, as those that were born in the 1980s are now well into their thirties, and many of the younger millenials will be starting to think about planning a family.
So be prepared for potential millennial tenants to ask where the nearest parks, schools and playgroups are. Also think about making your property suitable for families.
This also ties into millennials wanting to live in a safe area, in a location that has a community feel.
10. Millennials love a garden
Millennials have grown up playing with gadgets and video games, but that doesn’t mean they don’t appreciate the outside world. In fact, many millennials look specifically for a property with a garden, so that they can enjoy the outside space and have the option for entertaining outdoors.
Many millennials also work from home (thanks to the golden age of the internet and the increasing amount of remote positions), which means that often they want the option of a change of scenery from the inside of their home.
To sum up…
Millennials’ priorities can be a little out of the ordinary, but might soon be the new normal. They make a huge percentage of renters in Australia and it can pay off to alter your property to suit a millennial. After all, younger generations to come might just follow suit.