Millennials rent at a significantly higher rate compared to other generations. Also, according to a study, millennials will make up about three-quarters of the world's workforce by 2025.
So, it makes sense that landlords target this emerging dominant segment of the rental market. Rental business owners must adopt ways and strategies to capture this lucrative market.
But how does one exactly attract smart millennial renters? Read on to find out what you need to know.
Make Communication Convenient
Millennials grew up when everything is made available to them at the touch of the button. Whether it's food, flight schedules, or bills payments, it's incredible what can be done with a single tap on a smartphone. These types of people are best described as tech-savvy, full of energy, and will not hesitate to look for the next best option if they feel necessary.
That's why if you want to attract these types of occupants into your units, you should ride their tide. Make communication easier for them by using online platforms. Send notices and documents via e-mail instead of having pure hard copies.
Make Payments Easy for Them
These youngsters live a fast-paced life and make use of technology to make their lives more convenient. That's why in terms of payments alone, cash is usually out of the question. With so many options for virtual payment schemes, all you're ever going to need is a smartphone and a bank account.
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And since you are the landlord, you will need to have these apart from the basic skills necessary to operate these apps. This doesn't only make your apartment appear more "millennial-friendly" to prospective renters. It also lets you keep up with the changing styles of rent payments and transactions.
Make an Offer They Can't Refuse
Though millennials are mostly occupied in terms of schedule, many of them love to relax, keep up with the trend, and look good. That's why they often pay enormous sums for gym memberships, salons, and saunas in their free time.
The good news is that you can also use these ideas to make Millenials an offer they will not be able to say "no" to. If you have the extra room and spare cash, you can add an additional amenity for your tenants to enjoy.
Some of the best amenities for millennials are a pool, a gym, and a sauna. Whether you want this to be free or to come with a fee, it's totally up to you. But whatever you choose, make sure you let people know about it for a higher chance of attracting tenants.
Allow Pets
While this has been frowned upon before by property owners and homeowner's associations, many are now accepting the fact that most Millenials love pets. In fact, seven out of ten millennials own a pet. It makes a good marketing strategy, therefore, to allow pets in your rental property.
