Renting a property is always a good idea to ensure an additional income. People in the US, from basically every part of the country, from New York to Connecticut and Texas, rent their apartments and houses. However, the difficult task when you decide to become a landlord can be finding your tenants. The first thing is to determine your target group and in the last couple of years, it seems that Millennials are the ones who rent the most. People in their 20s and 30s, with stable incomes and usually remote jobs, don’t want to limit themselves to one location, so they tend to change their home whenever they feel like they can find something better. That is why they represent the ideal renter, and we bring you a few tips on how to attract Millennials to your rental property.
Millennials are known for being a generation much different from their parents. They rarely decide to get married, or they do so much later in life. Many of them decide to be childfree, but almost every Millennial has one or more pets that they deeply love and care about. That is why allowing cats and dogs in your apartment will attract a much wider group of people. You don’t really have to worry about any damage, as pet owners usually take good care of them and the space around them. However, if you still want to be safe if any unforeseen accident happens, you can ask for a pet deposit to cover potential damage. Most people will make no fuss about paying a bit more money so that their pets could live with them in their new home.
Browsing the local newspapers to see which properties are up for rent is something that older generations used to do. Sure, there is still nothing wrong with using the old-fashioned way of putting the word out there, but you should also keep up with the current trends which are all online. For instance, let’s say a young couple decides to move to Texas, as they love the weather and this state offers plenty of job openings. If they want to enjoy the true Texan culture, they will do an online search to find the best Odessa apartments for rent, as this city has good job opportunities and educational opportunities and is also quite affordable for living. They will search the Internet to see what the features of the offered apartments are, as well as to see at least a few photos of the place. Moreover, they may decide to search some related Facebook groups and relevant hashtags on Instagram and TikTok, so the best option for a future landlord is to advertise on these social media platforms as well. Your digital ad, both on the advertisement site and the social media, can also contain a short video of the apartment you are renting, with a short description and highlighted perks of the location and perhaps, of the apartment building.
Opt for minimalistic interior design
Refreshing and remodeling your apartment before putting it up for rent can be a great way of attracting more potential Millennial renters, as well as a way of raising the rent. The new generations mostly love minimalistic designs, with open spaces, sharp lines, and a lot of natural light. Moreover, the color palette should be neutral and earthy tones, such as shades of white, gray, beige, and pastels. Very bright or very deep colors are usually not welcomed among Millennials, with the exception of dark, wooden flooring, which can provide a good contrast inside of a space. All of this should be combined with a comfortable sofa and nice, cozy cushions, as your target group cherishes their time for relaxation. What is more, you should pay special attention to the kitchen area. Although the Millennial lifestyle is quite hectic, they do love to spend time preparing and enjoying food. In order to be more sustainable, healthier, and also to save a few pennies, young people tend to prepare a lot of their meals by themselves. That is why a nice kitchen is so important to them. So, if you have a big kitchen, make sure to invest in an aesthetic kitchen island, and if you don’t have the space for this, find colors and materials to make this area of your property look luxurious and practical. It goes without saying that the appliances should be high-quality, but a good coffee maker and gorgeous high chairs around the kitchen counter can be a nice touch that will attract your ideal Millennial renter.
To conclude, we can say that it takes a bit of effort and finances to invest in order to attract Millennials to your rental property. You should keep in mind that upgrading your apartment will be a great investment that pays off in the long run. Getting your perfect digital ad and allowing pets in your rental will attract more people, so that you can easily find the tenants with whom you will establish mutual understanding and respect.