With more than 80 million members in the United States, the millennial generation is easily one of the largest portions of the rental market. And according to some studies, many millennials plan to continue renting late into life.
The rental market can be competitive for both tenants and landlords. But the good news is that millennials tend to look for just a few key things in a potential rental. Check out this list of necessities to help make your property more desirable.
As the old saying goes, the top 3 most important factors that attract potential tenants and buyers
For many millennials, the allure of nearby bars, restaurants, shopping, and other entertainment options can be worth a higher cost. This is the result of the increasing popularity of the desire to sacrifice in order to increase overall quality of life.
Of course, as a generation that prides itself on loving the environment, proximity to parks, trails, and other public open spaces are another drawing factor for millennials. Living in an area lush with greenery or natural habitat can coax even the most adamant city dwellers to their pioneer roots.
As wages remain stagnant and living costs continue to skyrocket, many millennials look for ways to save on their living costs. This could means a heavier focus on lowering commuting costs.
Similar to their desire for a more cultural location, many tenants look for rental properties close to public transportation. They may also look for properties close to major business centers to cut back on commuting by car.
Another key factor that millennials search for in a rental property are included amenities. In an age of convenience, little perks can be a make-or-break for those choosing between two seemingly identical properties.
Some of the top amenities tenants look for in rental properties include:
- Free Wifi
- On-site or in-unit laundry
- Access to compost and recycling
- Covered parking for large cars
- Storage unit
Millennials like things to be easy and streamlined. The more landlords can include in rental properties, the more likely tenants will find the property appealing.
It’s nearly impossible to find affordable, pet-friendly rental units in large cities. Nearly 73% of all millennials own a pet and struggle to find housing. And with an increasing attitude of “I work hard so my pet can have a better life,” more and more millennials are forced to buy homes to accommodate pets.
For tenants interested in capturing this portion of the rental market, consider setting up a half-refundable pet deposit for families with furry members. Also consider allowing a wider array of pet types – many rental properties do not allow certain animal breeds, such as terriers and chows, which forces pet owner to find much more expensive home options.
If you are looking to fill your rental property, be sure to check out NowRenting. This rental management software takes the pain out of finding, screening, signing, and managing tenants with a streamlined, affordable process. Sign up for a 7-day trial today.