What You Need to Know About Renting To Millennials
If you’re a rental property manager or owner then you need to know how to attract Millennials as they are increasingly becoming the largest group of potential tenants in the rental market. Millennials refer to individuals born between 1980 and the mid-2000s and currently represent a third of the US population. The oldest Millennials are in their early thirties and are becoming a driving force in the economy. There are mixed reports on whether Millennials are more likely to buy or rent (a topic we will explore in further blogs). Either way as this generation replaces the baby boomers in the work force they will be the most sought after tenants throughout the country. Understanding their needs and preferences will therefore be essential in ensuring your rental property will be attractive to tenants.
The Council of Economic Advisors, reports 15 important facts everyone needs to know about Millennials. Below is a list of the facts that are likely to most important to landlords and property managers
· Millennials are most shaped by technology
· Millennials have invested more in their education than in previous generations
· Millennials rely heavily on loans to pay for undergraduate and graduate school
· Millennials have and will need to deal with starting their careers in an economic downturn
· Millennials are getting married later in life
· Millennials are less likely to be homeowners than those of a same age in a previous generation
· College education Millennials tend to move in to urban areas faster than less education individuals
From these facts one can conclude that Millennials may be more likely to be interested in rental properties that boast efficient or technologically up to date appliances. Since they have more student debt and are working in a tougher economy than other generations they may be more inclined to look for more competitively priced apartments rather than going for more expensive rentals. In addition, they are getting married later in life and when educated want to move into urban areas so cities that boast single friendly characteristics may be most attractive to them. In addition educated and technologically shaped Millennials may expect more and more that their landlords are also up to date in technology. They may be more likely to want or look for apartments with landlords that accept rent online and may want digital copies of important rental documents rather than paper ones. To keep up, property managers and landlords will need building management software that is efficient and reliable. There are many property management software companies but only RISSOFT software for property management can offer the best property management system at a competitive price.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
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