Baby Boomers. Generation X. Generation Y. Generation Z. We've all heard these terms describe the different generations of people born throughout the decades. Although Generation Z is too young to be a part of the rental market, Generation Y, otherwise known as the Millennial Generation, is now the newest addition to the market.
Be in the Know
When stepping into the rental market, it is a great advantage to know more about your renters. You can achieve this by doing a little bit of research. Here are some facts to know about the Millennial Renter:
Do the Research
With research done, we can move on to learning more about what the Millennial Renter looks for in the rental market. Here are just a few very important traits they look for in a rental:
Keep in Mind
However, keep in mind, the Millennial renter will most likely have one or more of the following needs or preferences, which will be a make or break deal in looking for a rental house/apartment.
Communication is Key
Did we mention Gen Y love to use digital communication as their primary source of communication? Make sure to enable email, texts and maybe even Facebook so that they can communicate with landlords faster and immediately.
On the theme of digital communication, make sure as a landlord you engage in social media, because these Gen Y renters are more likely to base their decisions on reviews and ratings from previous tenants.
Go the 'Extra Mile'
Go above and beyond! To entice new Millennial Renters, offer more information, such as nearby schools, restaurants, shops, dog parks, as well as the local neighborhood. Maybe even add in local events to make them already feel at home--even before they've applied!
Get Ready for 'Gen Y' Renters
Communicate! Be proactive! Stay close to your phone and email and be sure to respond, even if you are out of town. Tenants understand that life is busy, but they don't like to be ignored, so a simple text or email goes a long way.
Remember, even though Millennail Renters are new the rental market, they have a few requirements that they need fulfilled before they want to apply. Communication via text/email/social media, updated amenities and and pet friendly living are 3 of the main components these Gen Y renters want. Have all 3 and you, as a landlord, are ready to accept the Millennial generation as the newest addition to the rental market!
Here are two links to some helpful charts that pin-point exactly what the typical Millennial Renter looks like:
(Thanks to Appfolio.com for the great charts about Millennial Renters.)
To view the charts and learn more about these facts, numbers, and statistics please go here: http://www.slideshare.net/appfolio/apm-webinar-millenialrenter103014final2
Great Article. Thank you.20:30 06 Oct 2016