Skip to Content

What Do Millennials Really Want?

Young family with daughter taking a walk on footbridgeAs the millennial generation is changing the way America looks at renting by being a generation of renters, Grand Rapids property managers ask, “What do Millennials really want in a rental property?” J Turner Research recently surveyed this generation of renters to find the answer to that question.

What Influences Millennial Rental Decisions?

When asked about the top priorities impacting rental decisions, millennials ranked location, quality of the home, and price point as their top concerns. Respondents also stated that aspects enhancing their quality of life were a priority as well, specifically commute times, proximity to public transportation, value for the price, and the condition of the space they would be renting.

Deal Breakers

Millennials making rental decisions can be swayed by the amenities the property has or doesn’t have to offer. Homes that feature abundant storage space, washer and dryer in the home, and a modest outdoor space make the list of “must haves.”

The list continues to include luxury amenities such as ample parking spaces (preferably covered), on-site gyms and access to a pool. While the lack thereof regarding these luxury items should not be considered as deal breakers, they will certainly help attract millennials to your property.

Meet Millennial Renter Demands

With millennial renters representing a huge portion of the rental market, property owners would do well to listen to their rental wants and make sure to feature items that their ideal renter will most likely be looking for. While you may not be able to install a pool or provide access to a gym, try focusing on relatively simpler issues like making the property Wi-Fi friendly and regularly maintaining or updating the appliances, kitchen counters, flooring, and lighting fixtures.

By knowing what your renters or prospective residents are looking for, you can maintain your property in a way that appeals to this new generation of renters. Attracting renters will help decrease your vacancy days by leasing the property to a resident who desires to stay long term.

If you are interested in having your property managed by Real Property Management Investment Solutions, have more questions, or just want to speak to one of our team members, then contact us online or call us directly at 616-419-8880 today!

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.

The Neighborly Done Right Promise

The Neighborly Done Right Promise ® delivered by Real Property Management, a proud Neighborly company

When it comes to finding the right property manager for your investment property, you want to know that they stand behind their work and get the job done right – the first time. At Real Property Management we have the expertise, technology, and systems to manage your property the right way. We work hard to optimize your return on investment while preserving your asset and giving you peace of mind. Our highly trained and skilled team works hard so you can be sure your property's management will be Done Right.

Canada excluded. Services performed by independently owned and operated franchises.

See Full Details