As renting beyond your 20s continues to be a common occurrence generationally, appealing to millennials has become more and more critical to property managers. But how do you crack the code of setting yourself apart from other available options in your community?
Here are just a few of the ways you can enhance your property to make it more millennial-friendly.
Health and Wellness
Millennial renters want a space that promotes a healthy lifestyle—whether it's bike storage or access to a 24-hour gym onsite (And this doesn't have to be elaborate—consider some free weights, an elliptical machine, a space for yoga or instructor-led classes, etc.). Make it easier for your renters to find time to better themselves, and you'll prove your investment in their lifestyle goals.
And this goes beyond fitness—show that you value eco-friendliness by making it easy for your tenants to recycle or compost. Include touches such as energy-efficient light bulbs. If you can swing it and it's supported in your area, visible alternative energy sources can go a long way toward winning over new renters. Solar panels on the property show that you're investing in renewable energy, which is highly prized among millennials.
When it comes to the little touches in your units, millennials will likely prize uniqueness, but they'll also put some stock in finishes that are low-maintenance. Consider satin paint on the walls in the kitchen and bathrooms as an example—they're easy to keep clean and maintain. These touches will stick out to millennials during a walk-through, as this generation tends to get involved in plenty of outside-of-work causes and activities. A quick-fix clean will be valued.
If it's even a possibility, consider making your property pet-friendly. Millennials are not only more likely to own pets while renting, but they also consider their pets more like family than any generation before them. This can go a step further than simply allowing your tenants to have pets in their units—something as simple as a green area with posted signs and animal waste bags can endear you to a potential renter. If you have common areas in your basements, a pet-bathing sink with a flexible hose can also be a nice touch that doesn't cost an arm and a leg.
Accessibility and Transportation
When making your properties millennial-friendly in urban settings, consider your proximity and accessibility to hotspot areas in your city. If you're a little off the beaten path, make sure to provide quick access to transportation to more high-traffic retail and restaurant areas. This could be as simple as offering communal bikes reserved for tenants or organize a ride-share or carpool "club" among your tenants to encourage shared transportation to popular destinations around town.
As internet access and connectivity become more and more an essential utility, renters will seek out apartment buildings and complexes that offer wifi connection as part of the package. At the base level, all units should be outfitted with the ability to connect to high-speed internet, but tenants may be willing to spend a little more on a rental price to have something like internet access lumped into the flat monthly rate, versus having to manage a separate account with the local internet service provider.