Brief Description: Millennials make up 45% of the rental market, so if you’re not making your rental property attractive to them, you could be missing the mark big-time.

 Constant cultural shifts impact the way potential tenants view a rental property. In a 2021 survey, nearly 45% of millennials expressed a desire to move to another rental, the largest percentage among all age-groups. Based on historical data, a similar trend can be assumed for Denver, Colorado.

With many millennials on the move, it is obvious that landlords need to prepare accordingly. Focusing on attracting millennials can increase profits and ensure your rental is rarely vacant.

This article focuses on the characteristics of an attractive rental for millennials. We give Denver property owners a step-by-step guide on how to make their rentals more appealing to millennials.

The Importance of a Rental Property’s Appeal

Several elements influence the appeal of your rental property to a specific demographic. Each generation has its own culture and lifestyle preferences, which they wish to be a part of. Millennials currently dominate the rental market, and landlords must present their rentals accordingly.

If you’re getting started as a landlord, it’s essential to know that suburban areas’ rentals are more appealing to millennials. Millennials prefer to live in closely-knit neighborhoods with walkable areas and short commutes to amenities. In the NAR survey published in 2020, it was reported that nearly 52% of millennials preferred to live in the suburbs.

Fortunately, Denver has been blessed with some tremendous suburban areas, which offer great living facilities. With a great metropolitan area at the center and many opportunities for young people, it surely is an ideal place to live in modern times.

Similarly, the way millennials want interior design and build to be is quite different from that of the older generations. As a landlord with a rental in Denver, there are a lot of ways you can shape your property to fulfill their requirements.

Attracting More Millennials to Your Property

Now that you understand just how important it is to keep up with the times let’s dive into how exactly you can do that for the millennial market.

Do you need to expand or modify your marketing methods? Or do you need to utilize the space in a better way?

We will explore all these avenues to make your property more attractive to millennials.

1. Digitize Your Marketing

The millennial generation has stood up on its feet at a time when technological growth has hit its peak. In the era of social media and smartphones, there is no limit to how you can market your property.

At a time when millennials are accustomed to having everything at their fingertips, landlords should market their properties accordingly. Simply putting up a “vacant” sign in the window isn’t enough in this day and age. Promoting your available rentals on social media is the perfect place to catch millennials’ attention.

2. Focus on Aesthetics and Furnishings

Modern households are much more aesthetically expressive, and the younger generation emphasizes making a lifestyle statement. It is essential that you furnish your rentals following current standards. Millennials are inclined to choose a place with vibrant colors and neat finishes.

Another appealing inclusion could be modern household elements like sitting spaces, cabinets, and countertops. Focus on more geometric designs, which appear more orderly, clean, and sharp.

Ensure that your interior elements are in line with modern technological standards. Millennials prioritize convenience, and they prefer rentals that offer a comfortable lifestyle powered by smart technology.

3. Energy-Efficient Appliances and Practices

Adding to the technology bit discussed in the previous section, energy efficiency is another important factor. The millennial generation is much more conscious about going green than other demographics. Energy efficiency also means reduced energy costs, which every tenant appreciates.

Keeping up with modern standards, property owners must ensure that their rentals are high performance in terms of energy consumption. Plans have been laid to make the city of Denver greener in the next few years. Following suit would only be fruitful for your rental property.

You should look to incorporate sustainability in your rentals as much as your margins allow you to. This will not only attract more millennial tenants but will also improve your standing as a landlord.

4. Promote Your Rentals with Storytelling Tactics

Promotion plays as much a role as furnishing to attract tenants. Millennial tenants care a lot about the lifestyle that is offered. You could use this opportunity to tell a story about the house and the neighborhood. You can promote your property in a way that makes it a place worth living in.

The millennial generation is currently on the move, but most of them will look to settle down in the near future. Through eye-catching promotions, especially on digital media, you can make your rental the place they will want to call home.

With some visual effects, you can virtually add elements to your vacant rental. This will leave little to the tenants’ imagination and will show them the full potential of it. With an ideal neighborhood as the backdrop, millennials will surely be attracted to your place.

This can be done with augmented reality, 3D renderings, or virtual tours of the property.

5. Allow Pets in the Property

Allowing pets in your rental property would attract more prospective tenants. Millennials are among the largest pet-owning groups in the country, and those in Denver follow the same pattern. Allowing certain pets, like cats and dogs, would make your properties more appealing for millennials.

Attract More Millennials Through a Property Management Approach

If you are looking for specialists to advise and assist you regarding your Denver rental property, look no further than Keyrenter Property Management. We work on behalf of savvy landlords who want to operate hands-off and we find the best possible tenants for their rentals.

If you choose to hire our team of real estate experts, we will diligently work according to your expectations to shortlist the most suitable tenants. Our team will pinpoint the millennial demographic for your rentals, and we will help to set-up your rentals to attract as many millennial tenants as possible.

Contact us now to become a part of our thriving and ever-growing network of professionals and get the best property management services in Denver, Colorado!

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