No doubt, millennials are the hardest to please. When it comes to home properties, this generation is always on the lookout for the best deals, making them a challenge for landlords and real estate agents alike. However, with the sheer number of millennials eclipsing the Baby Boomer generation, it’s hard for property owners and agents to look away given the sizeable opportunities to be realized. Millennials are redefining real estate quickly, you have to act fast or else get stuck with an empty property.
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For property owners, it’s a wise decision to stay loyal to your multihousing investment. Millennials are usually young urban professionals, commonly known as “yuppies,” who are looking for a decent place they can afford, making multi-housing units great investments. Here are 7 ways to prepare your property for its next millennial resident and key insights you can use to make your property truly millennial-ready.
- Highlight Millennial-Friendly Amenities
Due to the blistering pace of technological innovations, it’s hard to blame why millennials are more prone to have shorter attention span. When looking for property buyers or millennial renters, always keep in mind to cram in and highlight as much amenities as you could as these are what will quickly grab the attention of millennials.
Apartments and condos that offer in-house gym, yoga classes, and other spaces dedicated to several aerobic activities are amenities that you should definitely highlight. Millennials will surely appreciate having these nearby since it saves them time and energy from commuting. If your multi-housing building has a music or art studio, make sure to include them in your ads.
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With the number of millennials who own a car, highlighting the parking spaces of your unit is a definite must. In-house laundry shop and spa are tempting amenities too, as the former offers convenience and the latter offers relaxation to the busy and active lifestyle of millennials.
Last, but definitely not the least, is highlighting wi-fi access. Considering how millennials are so reliant on their mobile devices, including this is a no-brainer. Having wifi-access alone can increase millennial interest in your property by leaps and bounds. If your multi-housing building don’t offer free wifi-access within its premises, make sure that you install a modem.
- Get Rid of Their Security Anxiety
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Since millennials are more technologically-inclined, they’ve most probably checked your legitimacy and history as a property owner or agent as much as they could. With the number of property problems being reported online and through various media platforms, it weighs a lot in a millennial’s buying and renting decision process that the property owner or agent they’re dealing with is trustworthy. Make sure that relevant certifications, licenses, and other security-related info about you and your property are accessible online.
If your multi-housing unit for millennials uses state of the art door access, make sure to mention it. If not, take the time to point out that your unit is secured with deadbolt locks, proper lighting, and other measures that keep your unit safe from intruders. If statistically proven, don’t forget to include low crime rates around you area. These are surefire ways to attract millennials who are highly concerned with home security.
- Make Sure Your Property is Environment-Friendly
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If there’s one noticeable characteristic that sets apart the millennials from the Baby Boomers is how the former is more environmentally aware than the latter. Studies reveal that an environment-friendly space helps in stress reduction and boosting one’s health. This feature can be regarded as one of the many practical reasons for the millennials’ attitude towards the environment.
To align your property with the millennials’ environment-friendly interests, make sure to keep your property liveable for potted plants. Some millennials are meticulous enough to check if materials being used by the property and the building itself are environment-friendly. Installing LED light bulbs, energy-efficient heating and cooling systems, and fixtures that consume less water is highly recommended for you to land a millennial resident. Besides, having these installed will also help a lot in driving down costs while nobody’s occupying your unit at the moment.
- Leverage Access Routes
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“Work hard, play hard” is just one of the usual battlecries that reveals how millennials approach life. Being vocal advocates of this kind of work-life balance, it would be hard for millennials to resist a property that offers easy access to public transportation, key highways, shopping malls, and nightlife hotspots.
If your property for millennials is a walking distance from public transportation terminals or near trendy bars and restaurants, make sure to mention it as they will be surely lining up, given how essential it is for them to maximize their time and maintain their social life without going too far.
- Make Your Property Pet-Friendly
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One of the reasons why most millennials avoid rental properties are the policies that prevent occupants from keeping pets. Seeing “No Pets Allowed” signs in apartment and condo rental units is a common occurrence, but this policy is hurting landlords’ bid to to make multi-housing attractive for millennials, as almost 80% of them own pets like dogs and cats. Forcing them to let go of their furry friends is a surefire way to ward off millennials.
Removing this policy will significantly increase your pool of potential millennial tenants, so is installing pet-friendly fixtures. Having pet-friendly policies and installations are some of the best ways to capture the attention of millennials.
- Spruce Up Your Property The Millennial Way
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Sprucing your property for millennials’ tastes and preferences is tricky—you’ll have to juggle modern interior design concepts, device connectivity, and overall comfortability. That may mean you’ll have to renovate your property to make it millennial-friendly.
Redecorating your interior with minimalist color schemes, weathered furniture, modern carpeting, and hardwood flooring may be necessary to play to millennials’ taste for modern designs. Providing easy connectivity is critical, too. Your property should have ethernet cable and cable ports for your future millennial tenant’s television and computer. Never forget to consider a millennial’s work setup when redesigning your property, sometimes millennials telecommute or freelance for their paychecks, so make sure your furniture, especially the couch, is comfortable enough for them to work on since most millennials prefer couches over desks as their workspace.
- Easier Payment Schemes
Unlike Baby Boomers, millennials have lower purchasing power which can be attributed to the fact that most of them are young professionals just starting out their careers. This is the reason why millennials opt condo renting over buying a house, the latter requires a significant investment. Offering easier-than-average payment schemes and terms is an excellent way to draw the millennial crowd to your property.
For property buyers, offering flexible down payment schemes and stretched-out terms is a reliable tactic to entice millennials to buy. You can offer a rent-to-own property purchasing scheme as well, ensuring that you’ll be racking in monthly payments steadily since they’re actually buying the property with their rent money.
When it comes to condo renting for millennials, homeowners association fees are seen as deal breakers as they serve as additional fees on top of the monthly rental fees they’re already paying. Coming up with ways to lessen the impact of the homeowners’ association fee or actually shouldering the cost may be necessary to keep millennials interested in renting your property. If this solution won’t cut it for you, offering convenient services like maintenance and repair for free will sweeten the deal. This strategy will ensure that your property is properly maintained as well.
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Preparing properties for millennials may take a lot of effort, but considering the significant generation shift, making your property millennial-ready is an intelligent decision. This assures you that your property is truly ready when the era of Baby Boomers owning and renting property ends to pave way for the surge of millennials.
