Millennials, whose ages range from about 22 to 35, are the most significant population of renters in the US today. Due to rising debt, lack of jobs, and lifestyle choices, they're more likely to delay settling down than previous generations. If you're a landlord, this is your target market, but millennials demand much more out of their living spaces than did previous generations. The quality of your property and your tenants determine your profit, so follow these tips to attract the best renters.
1. Install Energy Efficient Appliances
Many millennials are concerned about their impact on the environment and how they can save energy and resources. Appeal to their standards by installing energy efficient appliances. Can't afford solar energy? Green technology doesn't have to be expensive; appliances like refrigerators, toilets, washing machines, and dishwashers have energy efficient alternatives that can save you money over time. Lower water and electricity bills mean you can lower rent costs or invest more money in other amenities.
2. Create an Open Space
Millennials are more likely to live together to save money, but they also want to entertain and invite guests. To make your space feel more open than it is, consider knocking out a few walls. One of the simplest ways to do this is to join your living room, kitchen, and dining room together. Removing hanging cabinets that separate the kitchen, and taking out the wall that closes off the dining room, will make space feel less claustrophobic when several tenants live on your property.
3. Choose a Property Near a Hot Spot
A hot spot is a part of town that's in high demand by renters. While previous generations rented in the suburbs, this generation wants to live in areas rich with good food, nightlife, and culture. The ideal neighborhood is situated between work and play, so they can easily access both.
If your property isn't in an optimal location, highlight how close your property is to freeways and other neighborhoods. Is your property part of a complex? Include any community activities like game nights or summer movie nights that might appeal to renters.
4. Go Green Without a Lawn
Lawns require expensive upkeep, and if your property is in an arid climate, it could be costing you thousands of dollars to maintain. If you're looking for an option that saves you money and still creates a beautiful yard, try xeriscaping, a type of landscaping that uses plants native to the environment. If you live in a desert, this reduces water usage and water waste. Many cities also offer tax incentives to encourage more people to plant sustainable yards. Ultimately, you can save yourself and your tenants thousands of dollars by xeriscaping your yard.
5. Install Wood Laminate Flooring
If you're tired of cleaning carpets after your renters move, install wood laminate flooring. Wood laminate flooring produced today imitates the natural color and grain of real wood, without the upkeep. It's stain resistant, requires no polishing, and installs like real planks. Choose this type of flooring to modernize your rental and give it a polished, inviting look.
If you want to attract millennials to your rental, follow these tips to make your rental stand out.