The Millennial generation aren’t kids anymore. In fact, they are becoming the biggest financial influencers in the marketplace. This is especially true in the rental real estate industry, as a large portion of the current rental population land in the Millennial age bracket between ages 21-37 years old. And although many in that age demographic are indeed pursuing the dream of homeownership, long-term renting continues to be the dominant housing decision for most. That’s why Real Property Management Southern Connecticut, the premiere Stamford property management firm, wants to help rental owners understand how they can attract, and keep, this new brand of prospective tenants.
3 Key Factors That Influence Today’s Renter
It’s imperative for rental property owners to understand what makes today’s renters tick so that you can attract the right, long-term tenant to your home. It’s more than gathering statistics on socio-economic demographics in your area; it’s about gaining insight into their motivations. Our Stamford property management firm has identified several key factors that influence Millennial renters, which include:
- Quality of Life
- Financial Value
As simple as this list might appear, each item is truly important to today’s renter. In fact, it colors every aspect of their decision making process. Understanding the nuances of these factors can help you, as a property owner, better reach today’s generation of renters.
Quality of Life is King
In a recent study conducted by J Turner Research, they surveyed renters across the 21-37 age group to answer the question: “What Influences Millennial Rental Decisions?” When asked about the top priorities impacting rental decisions, respondents ranked quality of life as among their highest priorities. Identifying factors that affect one’s quality of life, our Stamford property management team found the following to be highly influential in a renter’s decision making process:
- Location — being located off main roads with easy access to schools, shopping and entertainment was preferred.
- Commute Times — being closer to work or at least having easy access to public transportation was a must.
- Amenities of Convenience — onsite laundry, a modest private outdoor space, ample storage, and access to parking all made the list of essentials.
Although not necessary, certain luxury features also had the ability to persuade Millennial renters to favor certain properties over others. Luxury amenities like an on-site gym, covered parking, a swimming pool, entertainment facilities and upgraded appliances all contributed favorably to a property’s appeal.
Although you may not be able to install a pool, or give your tenants access to a gym, there are a few simple upgrades that are easy to offer. Providing access to clean and well-functioning laundry facilities in the home is one option. Creating an inviting fenced backyard with simple, easy-to-maintain landscaping is also really attractive to renters. If you’re in the process of purchasing a rental property, be sure to choose one in a desirable location that is close to major employers or at least has easy access to public transit. If you think like a tenant in the purchasing phase, chances are you will attract the kind of tenant you want to occupy the home.
Community is a Cornerstone
A good community is all about growing health relationships with those you share life with. As a property owner, building community for your tenants is probably the last thing on your mind and quite frankly, not necessarily your responsibility. However, you shouldn’t discount its importance to your prospective tenants. Our Stamford property management team believes you can build a sense of community by establishing a good working relationship with your tenants.
More than anything, building a relationship with your tenant that has clear, open, and regular communication is paramount. That also means tending to their maintenance requests promptly with thorough yet quick repairs speaks volumes to renters. If you have tenants who love the home and are happy with the services you provide them, they are more likely to care for the property. But the reverse is also true. If your tenants are unhappy for any reason, these feelings could lead to irresponsible or intentional damage to the property costing you more in the long run in repairs. These small things will make a world of difference in the types of tenants you attract to the property, and how many qualified applications you actually receive.
Focused on Financial Value
As important as it is for Millennials to establish a living situation that supports an enriched quality of life around a growing community, it cannot be achieved at the sacrifice of fiscal responsibility. Even though today’s renters are willing to pay a little more for these key features, they are also keen to find properties that offer great financial value. That means that rental owners need to position their property as quality homes. Paying attention to the details when making your property rent-ready can prove crucial in attracting the right tenants.
The way to do that is by establishing a rental home that is inviting and in great condition. Ensuring that the property is safe and secure is essential. It also helps to make the property Wi-Fi friendly, and to update the appliances, kitchen counters, flooring, and lighting fixtures. While this does not need to happen all at once, these small changes are highly attractive to new renters.
You can avoid being overlooked by prospective renters with the help of Real Property Management. Our Stamford property management team can help you evaluate appropriate rental rates by providing a detailed rent-rate analysis and coach you on how to position your property through targeted marketing and advertising. Together, we can help you find and attract the right tenant for your home.
The Benefits of Partnering with Our Stamford property management Team
By knowing what your renters or prospective tenants are looking for, you can maintain your property in a way that meets the demands of this new generation of renters. Attracting Millennial renters is all about being aware of their needs. Doing so will help decrease your vacancy days by leasing the property to a tenant who desires to stay long term.
As a nationwide company, Real Property Management has over 275 offices nationwide and continues to work hard to redefine the Southern Connecticut property management industry. Our dedication to customer satisfaction keeps our clients on the road to success, navigating the multitude of tasks associated with managing a rental property on a daily basis. That’s why we’re the clear choice for Stamford property management needs. We work hard to help our clients reduce cost, maintain a quality rental and build a lasting relationships with their tenants. Call us today!