Millennials are making up a significant amount of house hunters in the current rental market, which means that tailoring your rental properties to meet the needs of millennials can make a significant impact on your business. These trends in both the rental and housing market can ensure that your properties remain occupied longer, which can reduce your expenses and maximize your profits. According to updater.com, 1 in 5 millennials moved between 2016 and 2017 and 20% of millennials are currently looking for homes.
Take Advantage of Technology
Millennials have grown up in the age of great technological advancements and it has become a new way of life for them. Upgraded appliances, additional amenities, energy efficient fixtures, and smart home features will draw millennials to your rental property. High-speed Wi-Fi is an absolute necessity for millennials, whether they use it for social media, work, research, or an array of other purposes.
Maximize your Online Presence
The vast majority of millennials, as many as 99% of them, find their new home on the internet. This means that if you don’t have an online presence, you won’t obtain millennial renters. They won’t even be able to find your properties. By ensuring that your listings are easily found online, you will be able to increase the amount of millennial tenants you have.
The increase in student debt leads directly to a decrease in budget amounts. This means that millennial renters need affordability in their rental choices. More affordable choices are more likely to draw millennial renters to the property.
Millennials have also been shown to stay in the same property for longer, which can significantly reduce your relevant marketing and vacancy expenses. To learn more about the trends in the millennial housing market and how you can take advantage of it, contact us at the Keyrenter in Napa Valley today!