Millennials make up a large percentage of the current rental market. In fact, 1 in 5 millennials says they are not considering buying a property anytime soon, making them one of the best demographics to market your rental property in Piedmont, OK.
The millennial generation is made up of adults between the ages of 24 and 39. They saw the birth of social media, are environmentally conscious and lived through the previous generation’s mistakes, such as the Great Recession.
This group of renters is ideal for landlords to market their rental property in PIEDMONT because it can increase income while reducing vacancy rates. However, there are some proven ways to attract millennials to your rental property.
By the end of this article, you’ll know eight of the best ways to make your rental property more attractive to the millennial market and fill your vacancies faster.
Get More Attention with Digital Marketing Tactics
Millennials are avid users of the Internet and social media. They were the first generation to grow up using it and incorporating it into their learning and careers. Especially with the invention of smartphones, millennials are continually active on some sort of online platform.
How can you use this to your advantage when attracting more millennials to your PIEDMONT rental property?
Start advertising your vacancy on social media platforms and websites!
This will require a little bit of marketing knowledge and knowing how to put an attractive advertisement together. The most important aspects of an online listing for your rental property include high-quality photos of a clean unit and an extensive description.
Also, make sure an interested tenant can contact you via email or text. Most millennials don’t like to waste their time talking on the phone and prefer to text, message, or email to schedule a showing or ask questions about the property.
Emphasize the Location
The first thing you learn about real estate is that location is one of the most important factors when buying, renting, or selling. So, if your rental property in Piedmont, OK is in a great location, then make sure to emphasize it in your listing.
Millennials love to be where the action takes place. In your listing description or while you’re showing potential tenants the property, make sure to let them know what’s in the neighborhood. Are there bars, restaurants, gyms, and parks close by?
Another factor many millennials take into consideration is access to local public transportation. As an environmentally friendly generation, they are more conscious of their carbon footprint and often choose to take public transportation rather than their car when possible.
Collect Rent Electronically
It isn’t rare to find a millennial who doesn’t own a checkbook. With the ease and convenience of paying online with our phones or credit cards, it’s important to evolve your rent collection method. 57% of renters claim that online payments are important to them when renting a home.
Adopt an electronic method to collect your millennial tenants’ rent. This makes it much easier for them and may even get them to pay it on time. You can use numerous programs and apps to collect rent through an electronic method, including PayPal, Venmo, and more.
Value Eco-Friendly and Sustainable Practices
We’ve already established that the millennial generation is highly conscious of their carbon footprint and goes out of their way to be environmentally friendly. Help them achieve this by incorporating energy-efficient appliances in your property.
Another way to make your Piedmont rental property eco-friendly is to replace the lightbulbs with energy-efficient ones. You can also create a compost pile if you have an outdoor area. Plus, providing a recycling bin for your tenants can be seen as a huge benefit.
When millennial renters see that you have put forth the extra effort to be kinder to the environment, they will be more likely to rent your property.
Modern Amenities and Layout
The millennial renter wants a beautiful home, and they can show off to their friends either in person or on social media. This generation places great importance on appearances.
So, as a landlord trying to attract millennial renters to your property in Piedmont, OK, it’s important to consider this factor. Make sure the bathrooms and kitchen are modern with up-to-date appliances and décor.
A large communal gathering space is also essential as millennials love being social and having groups of friends over. A living room with space for a couch and television is definitely attractive to the millennial renter.
Offer a Washer and Dryer
It’s a rare occasion that a millennial has time to wait at the laundry mat. This super busy generation definitely prefers to have a washer and dryer in the property, which they are renting out of convenience and hygiene.
If you don’t already have a washer and dryer in the unit, it’s a good idea to invest in one. This will put a higher value on your property and attract even more renters.
Allow Pets on the Lease
Understandably, you wouldn’t want to allow pets in your property. They can ruin flooring, carpeting, and scratch walls and doors. There is a lot of potential damage pets can leave you with when the tenant moves out.
However, since millennials make up about 27% of pet owners in the United States, it’s wise to allow pets. Many renters have pets that they are unwilling to part with just because they want to live in a specific property.
To counteract the potential damage pets are likely to leave, you can ask your tenants to submit a separate pet security deposit. You can also put limits on what types of pets you allow and even the size.
Remember, though, if your tenant has a service animal, then you must allow the pet in the property under the Fair Housing Act laws.
Work with a Property Manager
One of the best ways to attract millennials to your rental property in PIEDMONT, is to work with a property manager. These educated real estate professionals are always on top of trends and have innovative marketing techniques to capture millennial renters’ attention.
Plus, property managers are extremely organized and reputable in the eyes of a millennial tenant. When you work with a property manager to list, manage, and maintain your property, millennials are more willing to rent from you.
Real Property Management Resources is Your Answer to Attracting More Millennials to Your Rental
If you have a rental property in Piedmont and want to attract more millennial renters, then Real Property Management Resources is the answer you’ve been searching for.
A full-service property management company, we use top-of-the-line technology to acquire new tenants, maintain your property, and effectively manage it while increasing your income.
Contact us and see how we can help you attract more millennials to your rental property today!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.