With millennials being the primary focus of the rental market, keeping up with millennial housing trends is one of the best investment decisions you’ll ever make for your property.
To help you improve your rental business, here’s everything you need to know about millennial housing trends.
They Want Affordability
Having entered the workforce during a recession, millennials are loaded with student debt. In terms of housing, this means that they're more likely to rent for more extended periods of time or move back in with parents to cut down on costs.
To appeal to millennial renters, properties need to be affordable with pay-cuts on minimum wage in the event of another recession. If you want to appeal to millennial renters, keep costs low by installing energy-efficient amenities like windows and solar panels.
For buyers under 62, photos are important. To keep up with millennial housing trends, make sure that you're marketing your property appropriately. Take the best quality pictures that you can. These pictures should be able to highlight the interior and exterior of your property. They must be well-lit, good quality, and focused on giving prospective renters a good idea of the property.
Additionally, market your properties on social media. Social media is the best place to reach young people, so sharing valuable information and resources on your channels will help appeal to millennial clients. Not only will this help you gain their trust and confidence, but it'll also help you gain more referrals since most Millennials need help in understanding the renting process. Lastly, social media is a cheap and easy way to attract potential customers, making it a worthwhile investment.
By adding amenities, you can bring the energy of a downtown area to a millennial building. Adding activities and amenities like game rooms, libraries, fitness rooms and pet-friendly housing, you can easily attract millennials by creating a sense of community. Additionally, you can add welcoming communal workspaces, rooftop lounges, smart home features, monthly social events and activities to create a friendly and communal environment that appeals to millennials.
Appealing to millennials can be quite a task—that’s why we suggest hiring property managers. ResComm offers the best property management specialists in Orange County. As the top real estate investors in Dana Point and Orange County, we offer full-service property solutions for owners and investors alike! With over 20 years of experience in property management, our team of experts can take you where you want to be.