Managing real estate properties typically requires you to find suitable occupants to fill the property. More and more rental properties are being filled by Millennials, and as this younger generation continues to flood the rental market it's essential that you take the time to consider their unique needs if you want the properties you manage to remain occupied.
Here are three things you should consider as you try to rent to Millennials in the future.
1. Pet Policy
If you are hoping to attract more Millennial tenants to the rental properties that you manage, it may be beneficial to reevaluate your pet policy. Statistics show that 35.2% of the 75 million Millennials in existence today own a pet. This means that a significant portion of your target market may be excluded if you opt to disallow pets from occupying your properties.
If you want to make your properties even more attractive to potential Millennial tenants, you may want to add pet-friendly features like a doggy door or enclosed dog run. Making the choice to rent a property to a responsible pet owner will allow you to reach a greater number of Millennials, and reduce the number of vacancies you have in the future.
2. Kitchen Updates
Keeping your rental properties occupied with responsible Millennial tenants might be easier if you choose to invest in some kitchen updates. An updated kitchen is a selling point for many Millennial renters.
Statistics show that 76% of Millennials enjoy cooking, and 54% of Millennials would rather cook a meal at home than go out to a restaurant to eat. Having updated kitchen fixtures and adequate counter space could help make your rental properties more attractive to Millennial tenants looking for a new living space.
3. Rent Payment Options
Giving your tenants a variety of options when it comes to paying their rent could be a great way to attract more Millennial renters to your properties. Updating your company's technology to allow for credit card, debit card, and online payments could be a selling point to help you cater to Millennials looking for a new place to rent.
According to experts, 52% of Millennials never use checks, so limiting your rent options to paper checks could be limiting the number of suitable Millennial renters leasing your properties.
Finding simple ways to cater to the unique needs of Millennials will help you keep the properties you manage occupied with Millennial tenants in the future. Contact a local management company, such as Kasten Real Estate, if you would like more suggestions.