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?

Millennials

In an industry as large as property management, choosing from among numerous management companies can be a challenging task There are many things to consider when evaluating your current management company or contemplating a change

The goal of the property management business is simple: provide the highest amount of value with the least amount of expenses In other words, raise rents as high as possible (income), while reducing costs as much as possible (expenses) Many factors impact these two goals At Nexus Real Estate Services, we compare countless properties – and their management procedures – for our clients

Here are a few common issues we’ve observed Hopefully, they’ll be useful as you evaluate your property management performance in current properties or as you scout new acquisitions

Is your property management company affordable, but lacking professionalism?

We see this frequently, and by looking at the financials, usually, know what to expect before visiting the property A few signs that might indicate a lack of professionalism are:

• The management fee is low – not industry standard
• Vacancies are high or rents are very low for the market
• Marketing is basic, outdated, or nonexistent
• When you contact the property, the call goes to voicemail Even worse, the voicemail isn’t professional

Noting these signs before seeing the property often indicates that we can bring the value of the property up quickly by changing the management structure and increasing the level of professionalism

When visiting the site, we look for additional signs:

• The property lacks curb appeal, with
  
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