1 in 3 Millennials will probably never buy their own house, a report by British think tank Resolution Foundation found. This has earned them the nickname “generation rent.”
Of course, this isn’t to say that renting is bad, especially not for Millennials. After all, this setup is ideal for those looking for a more affordable and flexible option. Additionally, renters have a much better opportunity to save compared to those paying a mortgage. After all, not only is the bill every month smaller, but they don’t have to pay for maintenance costs or repairs either. Renters also get to skip out on property taxes.
So if you’re looking to tap into the Millennial renters demographic, where do you start? With thousands of properties on the market, it’s important to know exactly what this generation looks for when renting homes.
Proximity to Work
Firstly, most Millennials look for a place that’s either close to or easily accessible from their place of work, especially if it’s within walking or biking distance. Otherwise, they go for places that are closer to public transport stops. So if you’re advertising for a vacancy, make sure to have all these details listed.
Millennials are more environmentally conscious than their predecessors. To celebrate Big Energy Saving Week last year, property expert Phil Spencer said in his speech that more than half of the demographic is concerned with how their homes are energy-efficient, whether that’s through the property’s lighting or thermal heating. Millennials want to know that the places they are paying to live in will help protect the environment and keep their energy bills down. For a property owner, one way to do this is through installing good, quality insulation, whether that’s within your walls, floors, or windows. This reduces the need for fuel and electricity. If your property has sustainable insulation, make sure that this is advertised when you list it.
Easy to Maintain
Millennials are busy people. Aside from being “generation rent,” the demographic is also known as the “generation of side hustlers.” True enough, a report on the BBC found that at least 37% of Millennials run sidelines. Most of them also tend to work longer hours. Therefore, they prefer a home that’s easy to maintain. We get a lot of cold days in the UK and Ireland, for example, which encourages the growth of mould in damp areas like bathrooms and windows. A guide to getting rid of mould on HomeServe Living lists a couple of things you can do to prevent mould from growing in your property. For instance, you can put an extractor fan in your bathroom or place a dehumidifier near windows. This way, your tenants won’t have to worry about keeping their place mould-free.
If you’re putting in plants for decorations, make sure they’re low-maintenance ones, like shrubs and perennials. Plus, if you can install a dishwasher, dryer or other appliances that can make living a lot more convenient, your property will appear more valuable, too.
Research by the American Medical Association predicts how the UK pet market is set to hit £7 billion next year, and Millennials are a huge part of its growth. In fact, a good number of them admitted that they would “rather cut back spending money on themselves than on their pets”, further emphasising how important it is for your rental space to be pet-friendly. But aside from allowing animals, other changes like having tile or wood flooring instead of carpets are good, especially since they reduce the costs of solving pet-related incidents.
Spacious Kitchen and Living Area
Whether they live alone or have roommates, Millennials more likely to invite a bunch of friends over. This calls for a spacious living space and a decent kitchen to accommodate guests. While a full-blown renovation is costly, you can at least try incorporating a few tricks to make small spaces appear bigger. These include using light-coloured walls, having exposed leg furniture, and going for the most minimal accents possible. For kitchen expansions, we’ve compiled some of the best improvement tips in our post on ‘Kitchen Improvements Suitable for Rentals’, including adding a movable island, building hanging storages, and removing cabinet doors.
Millennials are often looking to socialise, meet others, and indulge in their passions—whether it’s music, sporting events, or physical fitness. As such, it’s a huge perk to them if your property is near establishments like coffee shops, nightclubs, bookstores, and gyms. If it isn’t, be sure to let them know the best ways to access these locations. They’ll appreciate the fact that you’re looking out for their interests.
As you can see, Millennials are changing the real estate game. And as they start to overtake older generations in the market, we can expect the rental industry to continue growing. So if you’re renting out your apartment, it helps to ensure that your property meets their requirements so that vacancy issues will remain few and far between.