Millennials bring a unique perspective to the rental market. Their needs and wants differ than those of the generations before them in many different ways, including what they are looking for in rental properties. Here’s what you should know about rental property that appeals to millennial renters in Minneapolis.
As many millennials finish school and move on to the real world, many unfortunately carry a large load of debt. They remain stably in their rentals much longer than the generations before them. The high cost of homeownership and responsibilities of owning a home cause many to choose renting a place for as long as possible. Here are a few great things you can do to attract millennials. We have included some of these below:
This generation is tuned into looking out for the environment. Energy efficient light bulbs and alternative energy sources go a long way with milennials. If it’s supported in your area, adding solar panels is a valuable and appealing investment. Adding some well-tinted skylights to add more natural light to the home, while still keeping the temperature down, is also a modern improvent that will make economic and environment sense.
Milennials were raised on and depend on technology daily. Facilitating options that support devices used today and anticipated in the near future could make a difference in the level of interest your rental properties receive. With a push of a button, today’s automation allows us to control the lighting, temperature, blinds and even mechanisms that lock up the house. While you might not make your house a fully-automated wonder, incorporating some of these elements is bound to get the attention of a millennial renter.
Some millennials are choosing to take time to travel and live a freer lifestyle while they are young. Freedom to move is very attractive to those who don’t want to feel tied down to one spot for too long. Consider making your lease more flexible, decreasing the penalty for breaking the lease provided you are given ample notice in order to find a new tenant.
It is important to keep the property as low-maintenance as possible. The yard shouldn’t require much work. Your tenant isn’t likely going to want to spend every Sunday mowing the lawn, after all, that is what middle age is for right?
Create a modern and welcoming area outside that requires almost no maintenance. Bring this low-maintenance attitude inside as well. Don’t have granite counter-tops or appliances that require special cleaners. Things should be simple, modern and clean.
The location is very important to millennial renters. Many millennials opt to not own a car, so you will want to make sure the property has easy access to public transportation and is close to amenities they might be looking for. Having a restaurant, coffee shop or bookstore nearby are all big attractions for this generation.