5 Trends and Expectations to Consider when Renting to Millennials
This generation has become not just predominant, but also the most impactful in terms of reshaping the world of real estate. Their aspirations to start families, to set the stage for their stable future, and their desire to become either homeowners or to find a long-term rental, all these preferences are slowly changing how the real estate industry is designing their offers.
To meet their evolving needs, you can adapt your rental property or refine your rental offers to make sure you’ll deliver something they’ll find appealing. Meeting Millennial expectations in the world of rentals is challenging, but the following trends are the most relevant to keep in mind.
Smart tech at the forefront
As a tech-savvy generation that spends so much of their time on their phones and other digital devices, it’s no wonder Millennials consider technology a prime advantage of their future home. If you can, you should consider adding smart home features to your rental property, such as smart security solutions, IoT integration, and motion-sensor lighting.
Neighborhoods with Millennial-friendly features
Millennials are so much more than family-oriented folk eager to stay at home. While they do appreciate their social and family lives, they also enjoy exploring, fine dining, street foodie scenes, and other exciting features that keep them engaged.
Keep that in mind when showing your property to your prospective Millennial renters. They’ll appreciate knowing if there are any local vegan or specialty restaurants, funk and hipster coffee shops, and bookshops with their favorite titles. Parks and green surfaces are also a great plus for your neighborhood, considering their love for nature and adventures.
Compact and cozy as your key selling point
Considering their focus on greater sustainability and convenience (to which we’ll get shortly), it’s no wonder Millennials prefer smaller, low-maintenance and highly secure apartments for rent to their large-scale counterparts. Especially in densely populated cities, a Millennial will rather consider a studio apartment for rent to stay well-connected to the entire city and enjoy the fully furnished, yet compact size of their new rental.
Such studios are typically rented either by individuals or couples, if they have the necessary amenities for a modern Millennial to enjoy their lifestyle. If there’s a communal area for meeting and greeting other residents, all the better for this generation to blend in and build quality bonds in your neighborhood.
Pet-mindful communities on the rise
Many Millennials are also dedicated pet parents and lovers of animals in general. They dedicate plenty of time to promoting animal adoptions and charity work related to our four-legged companions. If your rental property is restricted in terms of accepting pets, you’ll likely deter many Millennials from ever joining your community. Consider a more flexible mindset, and chances are that they’ll flock to your doors in no time.
Sustainability as the core Millennial value
Millennials are deeply aware of our planet’s climate crisis, and they always strive to reduce their carbon footprint and energy waste. As a landlord, you can adapt your rental properties with the environment in mind, and always showcase these important features when promoting your rentals.
For example, water-efficient fixtures, smart thermostats, and energy-efficient lighting are all valuable additions to your property that will make it more appealing for your Millennial renters. If there are recycling facilities and composting options available, those are also very relevant for this generation of mindful homeowners and renters.
If you wish to rent to this mindful generation of individuals with strong family and green values at heart, you should make sure that your properties reflect these very expectations. These trends will define how successful you will be at establishing thriving Millennial neighborhoods and boosting your own real estate business.