Newest Addition to the Rental Market: The Millennial Renter

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:

 

• Born around 1980-1995
• Make up about 25% of the population
• Born to the Baby Boomer and Generation X generation.
• They are tech savvy and are more likely to text/email about rental issues.
• They plan on renting because it's more affordable rather than buying a house, in their mindset.

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:

• New amenities
• Housing that fits their lifestyles
• Other ways to get a hold of the landlord besides an office visit
• A house that has newer technology (appliances, heating, etc.)

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.

• Canine or feline companion
• Storage for a bicycle (and or a vehicle)
• Self service online (rental applications, paying rent, maintenance request, etc.)
• Outdoor living spaces
• Location, location, location! (And walkability!)

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:

http://www.appfolio.com/blog/2014/08/10-things-you-need-to-know-about-the-millennial-renter-infographic/#lightbox/0/

http://www.appfolio.com/blog/2012/10/a-new-lease-on-millenials-what-gen-y-renters-want-infographic/

(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

By Arianna Olsen