With home ownership for millennials at an all-time low, it is no wonder that this demographic has now become known as Generation Rent. While this may appear as a negative, it is actually great news for landlords who are on the lookout for younger tenants. Targeting the younger generation will not only broaden the number of tenant applications you will receive but could also provide you with long-term income, as millennials are now opting for long-term rentals as a more affordable option.
Although, despite the younger generation being interested in rentals, this does not mean they will just rent the first property they find. After all, if they are staying there for a long time they are going to be picky. To help you attract millennials to your property, you should take a look at these top tips which will have tenants lining up your door.
Location is key
If you are still on the lookout for a rental property, it is vital that you look in prime locations, where young professionals are flocking to. Areas like city centres are popular with young professionals who are looking to be close to their work or place of study. They are also focused on safe locations, which will allow them to feel safe in their home without the threat of burglary or other forms of crime.
Property experts like RW Invest understand the importance of locations, which is why their properties are located in centralised hotspots. They have luxury apartments available in Liverpool’s up and coming neighbourhood, The Baltic Triangle, where job opportunities are growing at the same rate as pop up bars. They also have properties in central Manchester and Salford, which offer tenants access to the successful job market as well as excellent transport links.
Millennials are interested in communal areas in their property, which can be used to interact with their neighbours or entertain friends. You could consider adding an area like a lounge or even a game room that offers tenants an interesting space to talk and have fun. This will also give them a chance to escape their small living areas and become involved in the community.
Many apartment complexes feature attributes like communal gardens, which are perfect for tenants who do not have the luxury of their own garden. This is ideal for young tenants who have just moved to a new city and are looking for contacts, as they can network just a stone’s throw away from their home.
Environmentally-friendly properties are in high demand, especially with the younger generation who are committed to doing their part to help save the planet. To ensure you’re meeting their sustainable needs, you should consider investing in eco-friendly amenities such as smart lighting, which will help tenants to reduce their energy usage and bills. This technology can be operated via your tenant’s smartphone and is ideal for anyone who tends to forget to switch off their lights.
You could also consider replacing your existing bathroom amenities with low-flow showerheads and toilets which will massively reduce water waste. This will allow both you and your tenants to reduce their carbon footprint and make a positive impact on the planet.