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Marketing Your Rental Property to Millennials, Here’s What You Should Know

Millennials and Rentals If there was ever a model generation for landlords to have in their rentals, millennials would be that generation. Born in the 1980s to the 2000s, the millennial generation has far outnumbered other generations, such as the Baby Boomers, and while the Baby Boomers have recovered from the Recession of the 2000’s, the millennial generation has not. With higher ratios of student debts and a competitive job market, millennials are not jumping into home-ownership but instead looking to rent for longer periods. This makes the millennial generation the perfect target to market your rental property towards.

Before setting up the listing or adding new repairs to the property it’s important to understand exactly who the millennial generation is and what they are looking for in a home.

Who Are Millennials?

Millennials have the ability to shape the rental market due to the huge percentage of current applicants looking for a rental, and this trend doesn’t look like it is going to change anytime soon.

What Do Millennials Look for in a Rental?

     1.   Proximity to Work

With the millennial generation holding their current jobs longer than previous generations they are less concerned with great school systems or quiet neighborhoods and more concerned with their commute to work. When listing the rental include information about train station, bus routes, highway systems and main roads.

     2.   Environmentally Friendly

The millennial generation is also more conscious of the environment and going green. When renovating the rental property be mindful to add in green features such as energy efficient appliances in the kitchen and laundry room, energy-saving lightbulbs, low flow toilets and water-saving showerheads. These can be small updates but make a huge difference when it comes to the environment and cost-cutting on utility bills which is why this is appealing to millennials.

     3.   Acceptance of Pets

More than 3/4 of millennials are pet owners, and by limiting a rental to only those without a pet you are drastically reducing your pool of ideal tenants. Speaking from experience, one out of every three apartments I looked at was not pet-friendly, therefore I was willing to pay more to find that one apartment that would allow my pet to live with me. There are also certain ways to protect your rental as well with the addition of “pet rent” fees and security deposits.

How to Reach Millennials

The first-place millennials will look for a new rental is online so it’s important that you have a website and online listing for the home.

The rental listing should include:

It will also be beneficial to ask previous renters for reviews to place on your website as well because reviews and ratings are effective indicators of quality for the internet-savvy millennial users.

The millennial generation is important to the rental market since they are a hold a significant percentage of the current applicants and the trend toward renting over home ownership doesn’t look to be changing anytime soon. If you can ensure that your rental property fits into what millennials are looking for then you will find that vacancy issues with no longer something to worry about.

If you’re looking to buy and hold another rental property, Bridge Loan Network is here to help you find the financing you need.

Submit a free inquiry and the opportunity will be matched with our qualified and approved hard money lenders.

The simple application portal digitizes the lending process enabling brokers and borrowers to upload needed documents, authorize credit checks and have a full loan package for our lenders to review. Apply now!