If you haven’t noticed yet, millennials are in no rush to own a home — and instead, they’re opting for property rentals. Other than the obvious reason that housing prices have drastically gone up in the past few years, CNBC notes that millennials are making housing and rent decisions based on their marital status, incurred debts, and location preferences. And if you’re looking to attract millennial renters into your property, let’s take a look at the key things millennials consider when looking for a rental home.
More than anything, millennials are looking to rent homes with flexible terms and agreements. For one, landlords will have an easier time scoring a millennial renter if they advertise their properties with shorter contracts. This can be credited to the fact that millennials live a fast-paced lifestyle — and committing to a long-term agreement can be a scary thing.
It’s also crucial for landlords to have a conversation with a potential millennial renter about pet policies. Even though millennials aren’t rushing to own a car or a house, an overwhelming number of them find companionship in pets. In fact, the Washington Post reports that 75% of millennial Americans have dogs, while 51% have cats. So for landlords looking to tap into the millennial market, it’s important to have lax pet policies and highlight these accordingly.
As global warming continues to bring forth devastating changes to our environment, it’s imperative for our homes to be as eco-conscious as possible. And compared to previous generations, millennial renters understand just how big of a carbon footprint the average home maintains, and are thus actively seeking properties that have minimal energy waste or rely on renewable energy entirely.
And the best part is, you don’t have to make huge renovations to make your home more sustainable. Insulation and appliance maintenance are two factors that HomeServe link to increased energy waste in a home. Not only do old appliances end up working overtime to produce the same results as when they were new, poorly insulated homes provide pathways for even more energy and heat to seep out. While it’s nice to invest in energy-efficient light bulbs and furniture made of natural materials, these structural checks help ensure that your property remains truly energy efficient — letting you attract more renters, and helping your renters save on bills, too.
Proximity to city life
Big cities are home to a lot of things that attract millennials, such as better jobs, cultural diversity, and active social circles, just to name a few. In big cities, millennials feel that they have a better chance of getting better opportunities — something that small towns often fail to deliver.
However, rent prices and closeness to cities are directly proportional, and being able to find a sweet spot between these two is extremely rare. Luckily, Denver apartment rents are on a slow rise, so aside from your rental prices, be sure to highlight your property’s location and nearby bus or train stops, restaurants, parks, and shops. This way, you can showcase just how your home can help millennials actualize their dreams of living inside a big city.
Overall, millennials can be extremely picky when it comes to looking for a place to rent in — and for good reason. The value of making a place liveable for one’s needs is especially emphasized for millennials, and landlords need to adapt to these small demands if they want to be able to keep their units occupied.
Exclusively written for keyrenterdenver.com
By Rachel Miller