Homeownership was big until a newer generation became the working class. Millennials have been more intact with practical solutions rather than risky long-term decisions. Who can blame them when the world is full of uncertainties? This is the reason millennials opt for renting instead of pursuing homeownership.
Recent statistics reveal that the homeownership rate is significantly low for people under 35. This is much lower than any other generation. The figure shows how millennials have shifted to rental living. They do this instead of fulfilling a dream that could cost them a fortune.
Now, if you’re someone who wants to rent out a property, you may want to consider targeting the millennials. They’re the ones leading the renting game, and you should not miss out. But how can you make your property appeal to the millennials? What do millennials want in a living space? Here are some factors that can entice millennials into renting your home.
The millennial generation isn’t just one of the latest working classes nowadays. They’re also starting a family and having kids. One thing that they look for in a home is its spaciousness. Many millennials are finding the best spaces where they can freely move. But this time, they’re also taking the kids’ convenience into consideration.
So if you’re renting out a property, consider this characteristic. That’s true, especially if you’re renting out living spaces to millennials. Highlight this advantage when marketing your property. Millennials want multi-functional spaces that they can use for several purposes. What you can do is to give emphasis to large spaces in the living space you’re going to rent out. This would ease up decision-making for the millennials.
It’s hard to live in a time when prices are soaring, and salaries are barely increasing. This is why the working class of this generation works hard for their money. Millennials know how hard it is to get an income and save for whatever they want. This makes them think practical when it comes to expenses.
So, if your target demographics are the millennials, make sure that the property you’re renting out is low maintenance. You can do this by prioritizing the longevity of your property. Use materials that can stand the test of time.
Consider this when choosing gutters, sidings, roofs, or anything that can wear down over time. Choose fixtures that aren’t that prone to repairs. House fixes are expensive. Millennials wouldn’t want those unnecessary out-of-pocket spending. Make sure that the living space you will rent out is low maintenance.
Convenience is that one thing millennials always look for in everything. Access to certain establishments is a good marketing factor for landlords. According to their lifestyle, millennials would want to live near some of the most important places. Some are into working out. A place that’s near a gym would suffice their fitness needs. Some who do freelance would want to work somewhere outside their homes. A living space near a cozy coffee shop would be a solution.
Some millennials want to be closer to hospitals or vet clinics in emergency cases. It would be good for you if your property were only a few blocks away from important establishments. If not, you can perhaps get a new place to rent out in the future. Talk to your trusted real estate agent and check out areas that are the most viable for your target demographics.
Like what was previously established, millennials always look for ways to save. That’s because they live in a period when earning money is more challenging. This is why they look for the most affordable homes for rent. They can even sacrifice some things to attain this economic goal. Some millennials are willing to endure long commutes to work because their houses are somewhere in the exurbs. That’s how important saving money is for them.
Making your rental property affordable is one way to attract millennials. Your property can make saving easier for them. That can be one of the most attractive characteristics of rental spaces. You should assess if you can lower down your rent to cater to the millennial market.
One thing that shaped the millennials’ lives is technology. Many technological advancements have happened only in the last two to three decades. This still fascinates the young adults to the point where they want these techs inside their homes. If your rental space is automation-ready, that can appeal to tech-savvy millennials. Smart homes perfectly suit the life of millennials. They want everything fast and convenient. If your property is optimized for smart-home living, you’ll be able to entice millennials to rent it.
It’s important to know what your target renters want if you’re renting out your living space. Your knowledge about a tenant’s wants and needs can give you leverage among other landlords. Millennials are the hottest in the renting market. It should be easier for your rental property to appeal to them as long as you focus on convenience.