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!