Each generation is unique and distinctly different from the rest, with their own values, beliefs, and lifestyle choices that define them. And as Millennials are slowly becoming the biggest group of renters currently dominating the market, landlords might be wondering how they could cater to this distinct generation and meet their specific needs. To that end, whether you want to make your Airbnb rental stand out or make your rental house more Millennial-friendly, here are some of the most popular rental perks that are bound to attract good Millennial renters:
Millennials are a diverse, colorful, and unique generation that has a wide array of interests and daily responsibilities. However, they also tend to own fewer cars and other vehicles than their predecessors, meaning they will appreciate rental homes that are located in close proximity to necessary amenities such as grocery stores, banks, or even bus stops.
Apart from these essential amenities, a Millennial renter might also appreciate more distinct and exciting features that will keep them entertained and engaged. So, if your property is close to any boutique coffee shops, interesting vegan or specialty restaurants, yoga studios, or green parks, don’t forget to mention these perks when showing your rental to prospective tenants.
Pet-friendly rental units
It’s no secret that Millennials are avid animal lovers, but it might surprise you to learn that a considerable percentage of today’s pets are actually owned by this generation. What’s more, Millennials tend to spend more time training and caring for their pets than previous generations, often choosing to live in the same space as them, and considering pets as being valuable family members.
For that reason, catering to this tendency and making your rental property pet-friendly could help to attract and retain responsible Millennial renters. In case you’re worried about the potential damage caused by pets, however, keep in mind that an additional pet fee or deposit won’t discourage a good Millennial tenant.
Beneficial service apartments
Whether it’s due to their affordable prices or proximity to necessary amenities, Millennials often prefer smaller, lower-maintenance apartments compared to their larger and higher-effort counterparts. Particularly in larger cities, Millennials mostly choose comfortable service apartments that allow them to enjoy a fully furnished and functional space in a well-connected neighborhood.
Suitable for both short-term and long-term stays, and often rented by singles or couples, smaller service apartments offer everything a Millennial might need and are often the first choice when selecting the best rental units. In case such apartments also provide communal areas for working or socializing with other like-minded individuals, it will only be an additional benefit for this generation of renters to form strong bonds in these rental units.
The use of smart technologies
Being among the most tech-savvy generations that are quite used to new technologies, it comes as no surprise that Millennials consider the integration of smart technology as one of the biggest advantages when choosing a rental home. From motion-sensor lighting and remote-controlled thermostats to smart security systems and overall IoT integration, any Millennial renter will appreciate the availability of smart home technologies.
As Millennials tend to be more private and reserved, technology is also beneficial when it comes to communicating and doing business with this generation of renters. Not only does this mean prioritizing texts and calls over frequent visits, but also including more accessible payment options such as online banking, QR codes, and other contactless payments when it comes to rent collection.
A Focus on sustainability
Millennials are more environmentally conscious than any other previous generation, being highly aware of the current climate crisis, and considering sustainability a core lifestyle value. For this reason, Millennial renters are often fully prepared to pay more for homes that put greener practices at the forefront.
For landlords, this means that making your rental more sustainable could help to attract and retain responsible Millennial tenants. Whether that means including smaller aspects such as natural decor elements, energy-efficient appliances, and low-flow water features, or even larger-scale perks like solar panels and communal recycling or compost bins, eco-friendly features are sure to help any landlord beat the competition when looking for mindful Millennial renters.
If your goal is to rent to Millennials, make sure that your property caters to this generation’s strong personal values, as utilizing the perks mentioned above will determine how successful your rental business will be among the Millennial generation.