At this point, it’s no secret: millennials are becoming the “Renter Generation.” More and more people born in the 80s and 90s are choosing to rent rather than purchase a home, often because home prices are so astronomically expensive, but also because renting better suits their lifestyle and needs. This means you have a ready and waiting pool of tenants to choose from, so here are the things you need to know when you rent to today’s 20-30-somethings!
They’re often on a budget.
This largely depends on your area, but these days many millennials are watching their funds carefully. Not necessarily because they’re broke, but because they have different priorities. Having money for entertainment, travel, and luxury items can be a pretty big deal for this generation. They may be willing to pay a little extra in rent for a prime location or great amenities, but if the price is too high, they may go elsewhere.
They like to cook.
Strange but true! Millennials eat out less and cook for fun more often than their parents did. In addition to cooking, they’re hobbyists in other areas, as well, so anything you can offer them that allows them to do the things they love will be a bonus. If you’re wondering where to spend a little extra cash to entice them, the kitchen is a good start.
They have
A large percentage of this group love animals and have cats or dogs. If you want to benefit from this market, make sure your properties are pet-friendly.
They drive less and bike more.
Again, largely depends on your area, but if you have a lot of bike commuters, having secure bike parking is a must.
They’re willing to live with roommates.
The combination of starting families later and having lower respective incomes than their parents’ generation means millennials are often willing to live with roommates long past their college years. In some cases, they have to have roommates to afford their housing. Keep this in mind.
They prefer to pay online or by mobile.
If you want to make your properties even more appealing, think about ways to appeal to people who have internet access wherever they go and are less likely to keep checks on hand. Set up online pay and text reminders!
There are many more things to consider when renting to millennials, but these are the highlights. For more help with screening to ensure you get the best possible tenants for your property, give us a call here at Tenant Screening Center.
We offer a full range of screening services, but if you’re looking to keep your costs down, our RentalConnect program offers property owners and landlords a great alternative to tenant screening. This service requires no on-site visit, sign-up, or membership fees, making it extra convenient. The service fee is paid by the applicant. Available 24/7, RentalConnect is fast, easy, secure, and delivers reports needed to make an informed decision, including a credit report, a national criminal search, and a national eviction search. For more information, please contact us anytime!
Landlords Property Managers Contact TSCI