Millennials and baby boomers are two of the largest segments to consider when preparing your home for rent.It’s estimated that only about one-third of millennials are homeowners; the rest are renting or living with their parents.
Baby boomersaccount for nearly a third of all renters; also, over five million baby boomers are expected to rent their next home by the year 2020. So, you can see why it’s important to cater to these two markets when you are buying an investment property or preparing a home for rent!
To help you out, we’ve put together a list of what millennials and baby boomers look for in a rental home:
Walkable Activities. If you’re trying to attract a baby boomer or a millennial, having activities that are in walking distance is a plus. According to Rental Housing Journal, this is an important feature as people are deciding whether to put down that security deposit. Nearby dining spots also draw people to a rental house.
Open Floor Plan. Open floor plans are where it’s at when it comes to rental properties. Simply put, they make places look bigger. Plus, they make it easier to get around.
Updated Appliances & High-End Touches. Baby boomers and millennials don’t want to deal with appliances that are going to break down every week. Having updated appliances will definitely be a perk if you’re looking to rent out your place. Zillow also reports that baby boomers don’t want to skimp on style just because they’re renting. Quality finishes like granite countertops and high-end cabinets and fixtures are guaranteed to catch renters’ eyes.
Smaller Communities. For baby boomers, small communities with a low cost of living are most attractive. After all, many are on fixed incomes; that’s part of the reason why they’re turning to a rental. The same goes for millennials.
Environmentally Friendly Space. This is a big one for the millennial crowd. Recycling availability, energy-efficient appliances, and anything else that is environmentally friendly will help to create a sought-after rental property.
Urban Areas. Millennials tend to like the urban feel of a space. Unique settings that even mirror an urban atmosphere gain some major brownie points with this crowd.
Amenities. Amenities are big draws for both crowds of renters. Things like on-site washer and dryers are a big deal. Who wants to drag their clothes to the Laundromat and wait? Not these groups of renters!
Less Space. While baby boomers may want those amenities and updated features, they don’t want a lot of space. Many turn to renting because they are downsizing.
No Maintenance or Yard Work. Both groups are not interested in being the handy man or the landscaper. They are looking for rents with maintenance and yard care included.
If your rental home has all or most of these qualities, you will be one step closer to attracting that baby boomer or millennial renter!