After a few years of solid economic growth, millennials as a generation are finally entering the housing market. The good news for property investors is that they’re coming in as renters. Reasons are personal and practical.
Some don’t want the commitment of home ownership, and others have heavy student debt loads. Either way, this generation is a great group stands to make good, long-term tenants. With a few smart tweaks to your property and your marketing efforts, you can attract millennials to your rental properties and keep them around for the long haul, which will certainly be a boon to your bottom line. Here are a few things to take into consideration to help you attract millennials to your rental properties.
See also How Millennials Affect the Real Estate Market
How to Attract Millennials to Your Rental Properties
Think High Tech
Life is much simpler for millennials with at least one USB receptacle in the important rooms in the house. These receptacles eliminate the need for bulky chargers in wall outlets or power strips. Placing one in the kitchen, each bedroom, and near the couch wall is an affordable upgrade for this generation.
Make the most of your property for millennials by automating it. If the HVAC system is compatible, install a programmable, Wi-Fi thermostat. A wireless home security system that includes the smoke and carbon monoxide detectors is easy to install. Give the tenant the responsibility to have it monitored. Wireless security cameras are another upgrade that will attract this particular population segment.
They may have a wall-mounted television that will be easier to hang if they know where the wall studs are. Office supply stores sell colorful non-staining, self-sticking strips and dots you can use to indicate where a few of studs are in each room. Besides making it easier for them, it eliminates the damage that guessing with a drill or hammer can cause to the walls.
According to some estimates, 75 percent of millennials have pets, and not making your rentals pet-friendly makes it challenging to rent to this generation. If your property needs flooring replacement, choose a material that’s durable, washable and hard surfaced.
Spruce Up the Outdoors
If your property has a backyard, make it more inviting and social. If possible, install a gas line for a barbecue and/or a fire pit that the tenant can provide. Although this generation is coming to parenthood later than previous groups, a secure, shady, grassy area in the backyard will provide a good play area for kids or the family dog.
See also Outdoor Amenities that Raise Property Value
Millennials give more than lip service to health environments indoors and out. They’re concerned and knowledgeable about indoor air quality (IAQ) and support environmental and energy conservation. As you redecorate, choose products low in volatile organic compounds (VOCs) like paint, new flooring, and cleaning supplies.
Check the labels for their VOC content or look for symbols. Cleaning products generally contain a lot of VOCs, especially air fresheners and anything that uses perfume.
Give Them a Road Map
Because of their limited experience, these tenants may not know much about general maintenance, or how things work. If you’re comfortable doing so, make a video and post it to your own youtube channel for easy retrieval and viewing. Explain how to change the air filter for the cooling and heating system and clean the outdoor condenser.
Garbage disposals are another area where a video or printed list will be helpful. List the foods that should never go down one to prevent repairs or plumbing clogs. These steps may take some time, but in the long run, the time could be well spent in preventive maintenance.
Market to Millennials
When you position your property to attract millennials, make sure that the message comes across in your marketing efforts. The ads you place online should emphasize Wi-Fi conveniences in a high-tech, healthy and pet-friendly environment.
See also Social Media Marketing Tips for Real Estate Investors
Talk to one of our investment specialists to learn how JWB can help you earn passive income through long term real estate investing.