Education and news for smart DIY landlords!
Are you a millennial landlord? If you answer yes, most likely you know what potential millennial tenants want when renting. If you answer no, then you better read this blog post. Either way, this serves as a useful guide to attracting and retaining today’s younger generation of tenants.
First things first, why would we even care about getting to know generation Y, aka “millennials”? The biggest reason is that millennials prefer renting over owning a property. This makes them a great audience to target.
Younger people choose to rent because:
Suggested Reading: Why Do People Choose to Rent Than Buy a Home? Here Are 7 Facts
Many landlords including you, may agree that having pets in rentals mean the potential for damage, accidents. This translates to frequent cleaning and maintenance. However, we cannot deny the fact that majority of millennials happen to own pets (71% of men and 62% of women have dogs). In your lease agreement, be sure to include a pet policy and charge a refundable pet deposit.
You should reconsider the old-fashioned way of collecting rent payment. Millennials love staying connected online with their mobile devices. This method also benefits you in such a way that you’ll be able to set-up automatic reminders and avoid the hassle of knocking on each door to collect money. You can get started with Cozy.co or TurboTenant.
Remember that millennials are interested in locations that appeal to their lifestyle. If you want them to choose your rental property over others, showcase your area. Mention local restaurants, festivals, the nearest fitness studio, art galleries, shopping mall, and parks. Millennials should know that they get to have everything they need without traveling far. In case you haven’t bought a rental property yet, prioritize location.
While a huge chunk of millennials are single or don’t have kids, that doesn’t mean you shouldn’t make your rental family-friendly. Maximize the opportunity to attract good renters, even those who are about to bear children. A simple way to do that is to add a backyard play set - wooden sandbox, swings, playhouse, and patio furniture. For safety reasons, install fences.
Contrary to popular belief, a high percentage of millennials stay at home to prepare their own meals. Let’s also face the fact that veganism is on the rise, thanks to millennials who are leading the charge. This puts the kitchen of a rental unit as one of the main highlights of a rental. Recent kitchen trends include earthy tones, glass and metal, and energy-saving kitchen appliances.
Knowing the preferences of your future renters is key to running a thriving rental property business. Before you rent out or even purchase a property, bear these tips in mind. If you need more landlording advice, check out more of our blog posts. We hope you enjoyed today’s topic.
Finally, I offer you the opportunity to take a complete DIY landlording course: Landlord Prep: Video E-Course and How-To Tutorials. Everything you need to know to become not just a landlord, but a successful landlord, is here.