Millennials make up almost half of the entire housing market, with 90 percent of them renting their homes. Knowing how to properly attract and manage millennial renters can help to ensure that your property thrives. Keep these tips about millennial renters in mind to ensure that you know what millennials are looking for in their next home.
- They love animals – more than 75 percent of millennials have a dog or cat, which means they are looking for pet-friendly properties. Making your property pet-friendly can help to ensure that you are not left attracting only 25 percent of the market.
- They love their bikes – millennials drive more than 20 percent less than they have in the past. Not having proper bike storage can mean missing out on a large majority of renters.
- They are cooking much more – millennials are spending more time in the kitchen and less time dining out. Updated, modern kitchens can help to attract more than 60 percent of millennial renters who are looking to flex their chef skills.
- They don’t use their checkbooks – more than 20 percent of millennials have never written a check in their life, which makes other options to pay rent vital. Giving millennial renters the option to pay their rent online can help to attract almost 40 percent of the group.
- Safety is very important – more than 75 percent of millennials say that safety was their number one priority when looking for their next house. This can include key card entrances and security cameras to keep them feeling safe.
- They like to be outside – millennials believe that the outdoor living spaces are just as important as the comfort of the indoors. Communal outdoor spaces can help your business thrive.