Even though the news reports that more and more millennials are staying at home or moving back in with Mom and Dad after college, those that do not are looking for very specific things when they search for an apartment. Price is very important, to be sure, but it is not the main driving force in what this new generation is looking for in their first rented abode. As a landlord or landlady, you should try to provide one or more of these extras that the younger generation want.
Proximity to Public Transportation
Unless they bought their first cars while in college or received them as gifts, millennials look for apartments that are close to public transportation. If the apartment you offer is too far from a bus, train or subway access point, you may have a difficult time renting it. If you have a multiplex you are trying to fill and it is too far from the nearest stop or access point, then you could offer a transit connection. Many assisted living facilities for elderly and senior citizens offer their residents transit connections and trolleys, so you could easily do the same to draw younger tenants to your rental units.
Cable or Satellite TV and Internet or WiFi
Millennials are all about electrical connections. They talk rarely, but text, email, SMS, etc. They also love their cable TV and satellite TV. Millennials will not hesitate to scoop up an apartment that has both internet and cable TV included in the rental price.
Utilities Included
This generation is on a very fixed income for the first few years of adulthood because of the job market drought. Those that have jobs and can afford apartments are looking for ways to cut costs, and often selecting an apartment with utilities included is one of the best ways to do it. When you think about providing tenants services, consider offering heat, electricity and/or water included in the monthly rent, or offer your new, fresh-faced tenants the option of paying the utilities on a budget. Most of these young adults already have an idea of what they can afford for rent and utilities and will pick the apartment that keeps their budget in line with their own expectations.
Furnished Living
Since millennials are coming directly from college or from their parents' homes, they have very little furniture, if any at all. They do not have a budget for furniture, and many cannot afford it for the first few months that they are living on their own. Finding an affordable apartment with a clean couch or loveseat, kitchen dining set with at least two chairs, a coffee table and an entertainment center into which millennials can plug all of their acquired electronics is what they want. If you can provide some or all of these furnishings, then you should have no trouble finding tenants.
If you are looking for a company to manage your apartment complex or are looking to rent one yourself, consider talking to a company like Two Rivers Investment.
Share7 July 2015
Apartment living can be a trial sometimes. Even the best apartment complexes can have problems, such as noisy neighbors. I experienced this firsthand with my newest neighbors. Between their partying and trashy existence, I was ready to go crazy. Late one night when they were being particularly noisy, I started researching my rights as a tenant. I found out I did not have to live with their inconsiderate behavior. As a public service, I decided to help others through this blog with their neighbor problems. Whether you are dealing with a landlord that will not do any repairs or bad neighbors, I can help.