Millennials are those in their 20s and 30s, of which there are over 88 million in the U.S. This group is rapidly becoming the largest segment of the rental community. In part, this is due to the economy they face, but also their access to and acceptance of technology as part of their everyday lives. Given this, if you want to attract your share of the Millennial market, you need to offer what they are looking for.
The Millennial crowd has grown up with technology, from computers and the internet to smart technologies and artificial intelligence. Today, they prefer to take care of many routine tasks only online via computers or apps on their smartphones. Most use text and email as their primary form of communication.
They want high-speed internet and WiFi services that can be accessed throughout their homes. If you have a multi-family unit, the tenants want Wi-Fi access throughout the complex, especially in common areas like the pool, hot tub, fitness, and community rooms. It won’t cost that much to invest in the necessary equipment to do this, but it is one smart step in the right direction.
Install USB wall outlets; Millennials rely on an incredible array of electronics, all of which run on batteries. Adding USB outlets is another inexpensive upgrade you can make that will make a big impression on the younger renter.
Going Beyond Technology
Millennials are a very social and ecologically minded group. If you have multifamily dwellings like apartment complexes, consider adding a community garden or two and outdoor gathering areas. Gas grills during the warmer weather is a great way to bring people together. If you are in the market for new property, consider looking for those in areas where there are stores where the Millennial crowd shops.
Look for stores like Trader Joe’s, Whole Food Market, vegetarian and vegan restaurants, artisan stores, festivals, and the like. These are huge draws for the generation that has started to invest heavily in protecting and restoring the planet. The more Millennials feel as though they are part of a vast, thriving community, the more likely they are going to stay in your place.
A Last Word About Technology
Along with everything else technology brings with it, the one thing you can to do that is likely to attract more Millennials, is to create an online rent payment portal. Most property management offices today will not accept cash for security reasons, and checks have become a thing of the past. An online payment portal is not overly expensive to set up and maintain. But if all your tenants have to do is log on via a computer or smartphone app to pay their rent, you are sure to attract the younger crowd.
Along with making it easier for your tenants to pay their bills, having an online payment portal has another advantage. Your tenants are far more likely to pay their rent on time every month, and the software makes it much easier for you to see who has and hasn’t paid their rent. A win-win situation for everyone. Attracting more Millennials isn’t that hard, you just have to make sure you and your properties are ready to provide what they are looking for.