With growing student loan debt, many Millennials are prepared to rent for the long-haul and are forgoing buying a home Read More…
Stay in the Know – Attracting Millennial Tenants
With growing student loan debt, many Millennials are prepared to rent for the long-haul and are forgoing buying a home until much later in life. Their apartment is their long-term sanctuary, so attracting and keeping Millennial renters has become a challenge for some apartment communities. As young professionals who want the convenience of commuting to work (or working from home) with a good blend of entertainment options nearby, keeping your multi-family property well maintained with regularly planned events is a must-have for prospective Millennial renters.
If you have local hang out spots, parks, gyms, or other social gathering places in and around your apartment community, you are sure to attract working professionals who are willing to pay top dollar to call your property home.
Here are the top five things Millennials are looking for when considering to rent an apartment.
- Excellent internet access. Most apartment communities do not provide internet access. Some luxury apartments are getting hip to this trend and including it as an amenity to get Millennials in the door. Even if you do not offer it as part of the rental deal, having good, and consistent cell coverage on your property is key. Missed or dropped calls when you are at home are a significant deterrent for Millennial buyers. As more and more of them work from home or need to work into the late hours, having a highly equipped apartment is a must.
- Join some green initiatives. Millennials are very environmentally aware. Whether you have a community compost pile or dedicate a portion of your front lawn area to make a co-op garden, find ways to show that your apartment community is green. Having recycling bins in and around your apartments is also an easy and great benefit too!
- Get on social media. This generation grew up on first MySpace, then Facebook, now SnapChat and Instagram. Create social media accounts for your property and be sure to update it regularly. Consider doing fun contests like fun pictures of the week and encourage tenants to post pictures of themselves at home or hanging out in your common areas. This is an excellent way to promote your property and show other Millennials that your community is up-to-date and has fun in the process. Plus, social media is a great way to inform your tenants about upcoming maintenance, rental changes, or provide emergency information.
- Make texting an option. Remember, with this group, calling people on the phone is a thing of the past. The easier you can make applying for an apartment, getting a question asked, or even paying their rent, the better! Many leading apartment communities are ditching paper and going online. Prospective tenants can complete rental applications online, pay their rent through PayPal, and even text for maintenance requests. Find a way to digitize your everyday interactions with your tenants. Not only will it attract the tech-heavy Millennials, but it can help to streamline a lot of your existing processes too.
- Spruce up your common areas. Millennials like to work hard and play hard. They may have a small gathering to unwind at the end of the week, or just want a comfortable place outside of their apartment to relax, read a book, or chat with neighbors. Having inviting common areas is an instant draw for Millennials. This includes outside hangout spots as well. When the weather warms up, Millennials like to stay active, have cookouts, or just enjoy the summer weather. Giving them options to spread their wings can go a long way into making them feel comfortable that they made the right long-term decision to rent with you.
At Top Floor Insurance, we specialize in apartment communities; that’s all we do. Period. Whether you’re looking to attract more Millennials, want to find ways to boost your property’s curb appeal, or want to make sure you have the right insurance coverage, we’re here to help! Give our insurance specialists a call at 404-266-3218.