The next generation of renters are in their 20’s and 30’s. We call them Generation Y or the Millennials. You need to understand this market if you are renting your home and you’re looking for tenants, because this is the largest generation our country has seen. There are 71 to 80 million people in this demographic. Today, we’re sharing some landlord tips for how to reach them and what they want.
Renting vs. Buying for Millennials
The statistic you’ll probably find most interesting is this one: 59 percent of people in this generation are more interested in renting property than in owning a home. That is the highest percentage we have seen in a long time. So set yourself up to work with them successfully. If you plan on renting your home to this generation, you’re going to need to be technologically savvy. This group of renters is highly educated, mobile, and they love the Internet. These tenants search online for everything and they gather all the knowledge they need themselves. Knowing how to work with them is an important part of successful property management in Indianapolis.
Marketing to Millennials
Think about how you are structuring your advertising and marketing. You need to have high quality, accurate photos and videos that you can use in online ads. Millennials want to see the property online before they start running around and looking at the homes in person. They will make 80 percent of their choices based on the information they get from the Internet – before even seeing the property. The home has to match what they saw online. YouTube is a great way to reach these tenants, and you have to provide online applications and online payment options. Have everything readily available for them. They will want to move in without meting you, or meeting you for the first time on move-in day. That’s how they work.
Choosing a Property with Millennials in Mind
This generation of renters loves to maintain their individuality and do everything themselves. They really like those metropolitan and urban settings where they have open space. So when you’re looking at different types of properties that you might invest in, consider who your tenants will be. This generation is not interested in mega homes. They want smaller spaces that are new, How to Rent Your Home to the Millennial Generation in Indianapolisconvenient for entertainment, and close to things like shopping, restaurants, airports, and work.
If you have any questions about setting yourself up to be successful with this generation of renters, please contact us at ES Property Management. We’d be happy to help you with any of your Indianapolis property management needs.