If you’re a landlord seeking ideas on how to draw more tenants to rent your building for the highest rate possible, perhaps you should identify what millennials want in an apartment.
The millennials are of interest for all business proprietors associated with any industry. In fact, they’ve not only taken over as the biggest generation in the U.S. but also have considerable influence in the economy. In particular, property owners must consider millennials’ needs when marketing and renovating their properties.
After all, almost 60% of renters are below age 40 and they constitute the biggest group of tenants. Here’s what they look for in urban rentals.
Millennials are pet lovers, constituting the biggest demographic of pet owners. Consequently, they seek pet-friendly units regularly. If you don’t permit pets on your property, you’re losing possible leases.
Although you might be concerned about pets damaging your units, permitting them could result in additional revenue. Keep in mind that most apartment complexes need extra rent or integrate pet fees into rental payment.
2. Smart Space
Millennials are technology-oriented. In fact, they love everything associated with technology. Therefore, you should ensure your property doesn’t fall behind. Try fixing the Nest Thermostat, which can learn your movements, adjust and schedule your apartment’s temperature.
Another element of smart space is keyless entry, which permits renters to issue a one-time code for work that needs completion or a permanent code to family members. A security system helps millennial renters feel safer and secure within the home.
Numerous tech startups are emphasizing on seamless security, for instance, SimpliSafe, which features a contemporary yet minimalist appearance. This generation also seeks access to reliable and fast internet that permits them to surf and shop conveniently from their unit.
3. Urban Location
One of the most significant factors millennials seek is an urban location. That is, they need to be in the center of everything, with close proximity to banks, grocery stores, and other popular amenities.
Most desire an opportunity to spend their free time in the company of friends at a fun place. As such, the location is crucial when hunting for an apartment. This generation wants to reside in a safe, yet trendy area where something is always happening. Moreover, they prefer to reside in larger cities next to lively places.
4. Community Events
A sense of belongingness and community is significant to millennials. As a property owner, you must establish how to incorporate this into your property. Consider hosting a couple of events to bring the tenants in your property together. They could be budget-friendly. Consider get-togethers such as happy hours, movie nights, and fitness classes if a gym exists.
Resident events contribute to tenants’ longevity, increasing their likelihood of extending a lease when there’s a sense of community. Since a good number of people from this generation telecommute, having a place where they can relax in the pool or courtyard can be extremely helpful.
If you want to maintain occupied units, it’s imperative you know what the millennial generation seek in urban rentals by considering these tips.
For more information on what millennials look for in urban rentals, contact us at Apartment Agents or leave a message.