Renting to Millennials, you say? Millennials make up about a quarter of the United States population, and by 2020, will account for one-third At 90 million people, Millennials are the largest and most educated generation, but also the poorest and most indebted Often characterized as lazy or narcissistic, Millennials want independent living, flexible work schedules, and more ‘me time’ on the job Millennials are expected to adapt quickly to our changing technological world On the flip side, Millennials are often described more positively as broad-minded and open to new or different ways of living
What do millennials expect from rental housing?
Affordability is at the top of the list of things Millennials want from rental housing Renting means freedom from living with parents They want to make informed decisions based on facts and observation – they don’t want to be told what to do or where to live, or simply be told what they’ll love about the rental property They want to see for themselves and make their own choices
Millennials prefer to live near their place of employment to cut commuting time and expenses They appreciate convenient amenities, such as direct access to their landlord when they need unexpected repairs This generation tends to eat out less and dine in more and enjoys entertaining guests so a nice kitchen and social space are fundamental Millennials may seek a pet-friendly environment, a community pool, a workout space, and additional perks, such as a free month’s rent
How can property management attract Millennials?