In Australia, people under the age of 35 account for more than 60% of all renters. As a result, it is important to understand the needs and wants of millennials, so that your property can best stand out against the competition.
1. Digital is key
The way prospective renters find a property is changing, with online property databases becoming the most popular forms of research for millennials. Make sure to have all rental information easily accessible across online property databases, with professional photos. If your online listing is missing key information, then it is likely that the prospective renter will move onto the next listing. Furthermore, using social media as an advertising tool is increasingly useful in reaching a millennial target market. Once the lease is signed, be sure to be available through online and mobile methods of communication. Millennials are more likely to prefer communication by email or text rather than in person.
2. Sell the Neighbourhood
More than ever, younger generations are favouring location as much, if not more than the property itself. Thus, it’s worthwhile advertising local places such as restaurants, bars, gyms, parks, transport hubs etc. Through offering a glimpse of what the neighbourhood has to offer, prospective renters are more likely to envision themselves in the suburb, and appreciate what the neighbourhood has to offer.
3. Give Pets the “Thumbs Up”
As of 2018, 62% of Australian households have a pet. As such, not allowing a pet is potentially more costly than the chance of damage to the property by a pet. With an increasing amount of properties adapting to accomodate for the trend of increasing pet ownership, disallowing pets can prove costly as this greatly diminishes the pool of prospective tenants, especially for millennials, who have seen a significant increase in pet ownership.
4. Money Spent on Tech Goes a Long Way
One of the defining features of millennials is their relationship with technology. As a result, money invested in fast, reliable wifi is essential. Additionally, consider implementing electrical outlets with USB ports or smart appliances. Although they’re small touches, millennial renters are sure to notice.
5. Maintenance-Free Living
One of the key reasons for why renting is more appealing than ownership for some, is the low-maintenance nature of renting. Landlords who are responsive to problems with the rental property are likely to attract great tenants. Furthermore, if the property has a pool or large garden, consider factor in maintenance into the rent.
6. Go Environmentally-Friendly
Millennials are the most environmentally-focused generation. Thus, efforts made to create an environmentally-conscious rental property is likely to be noticed and appreciated by prospective millennial renters. Solutions can range from installing energy-saving light bulbs and appliances, to recycling services, to improving insulation.