Most millennial or people born between roughly 1980 and 2000 (depending on whom you ask), have come of age and are potential renters. Landlords interested in attracting the more affluent amongst this group are in luck, as it’s been widely demonstrated that they aren’t as inclined towards ownership as their forebears. This trend is manifested in autos, homes and other “big ticket” purchases. As a group, socially responsible Millenials prioritize experiences over-accumulation and would rather invest their incomes in traveling and trying new things than in buying a house that requires maintenance and care.
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If you’re one of the landlords interested in securing well-off Millenials as tenants, here are a few things you might want to emphasize about your rental property:
1. Sustainable / eco-friendly features. As mentioned above, this is largely a “socially responsible” group. This means that the environment figures into their spending decisions. If your listing offers energy efficient appliances, a food-producing garden, solar or wind energy or other green features, you’ll have a leg up over the competition for their rental applications.
2. Proximity to public transport and higher-end social centres. Millenials are youthful people who enjoy mixing with their peers after work for a meal at a gastro pub or cafe, at a farmer’s market at weekend or for a friendly game of football and a pint on a summer evening. Because the number of car owners in this generation is a bit smaller, and because of their ecological concerns, emphasizing both the social opportunities near your property and the ease of traveling to these gathering places by foot or by public transport is critical.
3. Concierge-style service. Another trait Millenials are known for is their late emergence into adulthood. This is a generation used to having mum and dad either in the house or at the ready, and those who have left the nest will respond well to having a surrogate ready to take their late-night calls about plumbing problems or Sunday suppertime texts about malfunctioning appliances. Offering “concierge-style” property management will appeal to the more affluent Millenials’ taste for the finer things while conveying that they’ll be as well cared for as they would be back home. (For your own sake, reinforce their sense of security with a good landlord insurance policy!) And for those who buck the trend of relying on mum and dad, but who do so while working like mad for start-up companies, it will assure them that they won’t have to lose time to household issues unnecessarily.
This group tends to gravitate towards artisanal foods and authentic craftsmanship as well, so if these elements are present in your property, they should also be on your “highlight” list.