What Millennials Look for in Rental Properties

Published by Guest Contributor in on Monday, January 7th, 2019

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What Millennials Look for in Rental Properties

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

  • Location
  • Location
  • Location

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
  • Security
  • 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.

Pets Allowed

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.

Why Millennials are Choosing to Rent Properties

Published by Matthew Talamini in on Monday, November 6th, 2017

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    > Why Millennials are Choosing to Rent Properties

Why Millennials are Choosing to Rent Properties

The American Dream has always been defined as having a good job, making enough money to support your family, and ultimately buying a home. But, times have changed. As economies, people, culture, and generations change, so has the American Dream. Specifically, the part about buying a house. While of course everyone dreams of owning their own home one day, it is simply a not realistic dream for Millennials. The desire is still there, but times have changed too much. Millennials are now opting to rent properties instead of choosing to buy houses.

Why is this? Well, to start, Millennials are known for choosing convenience and flexibility over commitment. In a time of constant jobs changes and the seeking new opportunities, it does not make sense to commit to buying a house which will ultimately tie one down to a specific spot. They favor the ability to pick up and go whenever the opportunity arises. Millennials are a generation of convenience. It is simply more convenient for them to rent a property instead of buy a house.
Continuing on the topic of convenience, Millennials are embracing the constantly changing rental living experience rather than the monotonous home-owner life. Renting a property offers a completely different living experience than what someone would have owning a house. Renting allows for people to experience different environments, different structural layouts, and different communities. This opens people up to a wide array of living arrangements and communities that they would not have been exposed to before. Also, considering the wide array of living experiences and places this Millennial has experienced, if they ever do decide to own a home, they already have a pretty good idea of what they’d like to have instead of buying a house only to discover it’s not quite what you were expecting.
Lastly, cost is a huge part of why Millennials are choosing to rent properties instead of buy houses. Millennials are the first generation to be entering their adult lives in copious amounts of student loan debt. This delays their ability to be financially stable enough to afford to buy a house. Millennials are also obtaining jobs with lower starting base salaries. This combined with high student loan debt makes it incredibly difficult to even think about owning a home. Also, when one owns a home, they are responsible for all of the amenities, taxes, and maintenance, which is expensive. When one is a renter, they don’t have to worry nearly as much about these costs.