Millennials are disrupting homeownership trends; they are renting longer and delaying home ownership. If you’re fuzzy on who exactly is considered a millennial, they are the group that was born between the 80’s and early 2000’s. They’re also one of the largest groups of renters in the U.S. today.
Millennials are a unique group; they have a penchant for flexibility, desire convenience, and many carry a lot of student debt. Due to the sheer size of the group, it’s good to understand what attracts them to a rental home. Let’s talk about the top things millennials really want and value in a rental home:
This group is definitely tech oriented; they’ve grown up on the internet and they love devices! Millennials love smart homes. Think Nest thermostats and carbon monoxide detectors, electronic key locks, and other devices that allow you to control temperature, lighting, security, and more from a single device, such as a smartphone.
Eco friendly Green Features
Millennials care about the environment, and are drawn to eco-friendly options, so we suggest incorporating “green” features into your rental home. Some ideas along this line that make your home more eco-friendly are: water saving showerheads, low flow toilets, energy saving lightbulbs, composting, and a recycling service. These are all eco-friendly features millennials love. Make sure to highlight these features in your rental marketing materials!
Location might be the #1 thing that millennials look for when considering a rental home. This group, however, is not looking for good schools and kid-friendly activities. Instead, they’re looking for close proximity to coffee shops, restaurants, shopping, and they want to be close to work. Essentially, they don’t want long commutes, and they want to be close to the action.
So, if you’re looking to purchase a rental home, a central location might be something you want to look for!
More than 70 percent of millennial renters have pets, so pet-friendly rentals are very important to them. As a landlord, you may be hesitant to allow pets, and for good reason! Pets can do a lot of damage. However, many millennials (and many renters in general) are responsible pet owners, so allowing pets is something to consider.
To protect yourself and your property, make sure you lease includes pet restrictions and rules, and clearly explain your policies to your tenants. You might also consider increasing the damage deposit or requiring a separate pet deposit.