Millennials Renting vs Buying in Philadelphia

Millennials are one generation religiously involved in renting homes in Philadelphia. If you’re looking to sell your home quickly, millennial buyers are a target population. Jon believes that “both home sellers and landlords should study the market to meet the needs of the millennials, whether they are buying or renting in Philadelphia.”

When millennials decide between buying and renting in Philadelphia, certain aspects help shape their decision. After extensive research on millennial clients, we have categorized what appeals to them.

1. Millennial-oriented Neighborhoods

The concept of live-work-play is apt for millennials. Millennial renters and buyers in Philadelphia appreciate proximity to amenities. This includes access to public transportation, supermarkets, and recreational facilities.

This can be hard to find in the suburbs, but rental properties near the city have an advantage. I would advise landlords to “highlight these features and perks when listing the rental properties for millennials.”

2. Pet-friendly Rental Units

Millennials love pets, and your Philadelphia rental could benefit from it. Making your rental property pet-friendly can attract responsible millennial tenants.

Landlords with pet-friendly rentals in Philadelphia request renters’ insurance to cover any damages caused by pets. I have seen landlords requiring pet owners to put up a “pet deposit” to discourage poor pet behavior.

3. Serviced Apartments

Serviced apartments in Philadelphia attract renters. Millennials are drawn to serviced apartments because of the comfort and functionality. Serviced apartments are generally designed to cater to the needs of millennials. As such, they are often the first choice of millennials when choosing rental spaces.

Years ago, my wife and I rented a serviced apartment in Philadelphia. We loved our time in that apartment as it had everything we needed during that time of our lives. Bonus was the in-unit washer and dryer. Trust me, that’s a huge sell.

4. Digital Property

Jon has a rental property in Philadelphia that is fully automated. He rents the property to a couple in their 30’s working in healthcare. “Initially, I was hesitant to invest in an automated home, but the upfront cost was recouped within months of renting the property to my tenants.”

Property Management for Millennials in Philadelphia

Jon and I have been in this game for a while now. And property management is how landlords achieve this.

Jon and I work alongside a property management company for our rental portfolio in Philadelphia. Jon emphasizes that “millennials value hassle-free renting experiences.” And I agree.

The property management company manages:

• Marketing and tenant screening.
• Rent collection.
• Facilities maintenance (repairs).
• Legal compliance.
• Tenant management.

Summary

For millennials in Philadelphia, renting is the clear choice. And the landlords’ job is to equip the rental unit with amenities that make it appealing.