Millennial renters are increasingly common in today’s housing market. Modifying your properties to meet the demands of millennial renters can go a long way toward ensuring that your properties stay occupied. Additionally, millennials tend to stay in the same place for longer than other renters, which can further reduce the vacancies that can be relatively frustrating in the rental market. Many millennials are willing to relocate for work or other reasons, so properties that are located in places with low unemployment rates and low cost of living tend to attract more millennials.
Amenities
Amenities are a great way to attract millennial renters, particularly if they are technological amenities. Adding a fitness room, game room, or smart home features can ensure that millennials rent your properties. Upgraded appliances, particularly energy efficient appliances, can help to draw millennial renters. High-speed Wi-Fi is an absolute necessity for millennials, as well. You will also have to ensure that your property can be found on the internet, as most millennials find their homes on the internet.
Style and Affordability
Despite the general embracing of technology that is consistent with millennials, they tend to favor more historical oriented styles for their homes. Mid-century modern, pre-war details, and Mediterranean styles are all particularly popular among millennials. Additionally, due to the increase of student loan debt, millennials tend to require more affordable options for housing.
Following the trends in the housing market, particularly among millennial renters, can make a significant difference to your business. Making small upgrades can help to ensure that your properties attract and keep millennial renters. To learn more about the trends in the rental market and how to stay on top and encourage millennial renters to rent from you, contact us at the Keyrenter in South Florida today!