What Millennials Want in a Rental Home

November 9th, 2016 by Property Alliance

Millennial Friends Taking a Selfie at Train Station
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:

Technology

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!

Central location

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!

Pet friendly

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.

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Our Team

Kristi Marsh

Kristi Marsh

Property Coordinator / Marketing

Park City, UT

Phone: 435-631-2527

Fax: 888-343-2953

Todd Marsh

Todd Marsh

Co-Founder

Park City, UT

Phone: 435-631-2527

Fax: 888-343-2953

Scott Sharkey

Scott Sharkey

Co-Founder / Owner / Broker

Aurora, CO

Phone: 720-580-0303

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Amber Samuelson

Amber Samuelson

Property Manager

Aurora, CO

Phone: 303-647-9001

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Summer Smiley

Summer Smiley

Property Manager

Placerville, CA

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Michelle Bauer

Michelle Bauer

Property Coordinator

Bay Area, CA

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Kelly Kline

Property Manager

Carlsbad, CA

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Robert Langford

Robert Langford

Property Manager

San Diego, CA

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Von Bergen

Von Bergen

Property Manager

Salt Lake City, UT

Phone: 801-664-4676