What matters to millennials when it comes to rental accommodation?
According to research published by the BBC, up to a third of Millennials – those born between 1980 and 1996 – will end up renting for their entire lives. Currently, 40% of people aged 30 live in rented accommodation, that’s more than twice as many as the generation before who generally found it a lot easier to get on the property ladder.
As so many millennials live in rented homes, it’s important landlords target this crucial demographic when decorating and marketing their properties. If you have a property in the UK, putting a little effort into tailoring the home towards Millennials could pay dividends. Keep reading to find out more.
All-inclusive accommodation – that is, apartments that come with utilities and council tax included in the rent – are incredibly popular with Millennials. Most Millennials work to a pretty tight budget.
Knowing exactly how much they’re going to spend on rent and bills every month can help these young tenants to better plan their finances. Offering your rented property inclusive of gas, electricity, water, internet, and other extras could well make your home more appealing to your target audience.
The mod cons
Kitting your property out with the latest mod cons is another great way to attract Millennial renters. As @Landlord_Today says, “Millennials rely heavily on fast and reliable Wi-Fi in their lives, from streaming TV shows and movies to ordering their weekly groceries online. High-speed connectivity is an essential part of renting for 80% of young professionals.”
Moreover, you could also consider turning your property into a smart home by adding a Google Assistant or an Amazon Alexa to the setup.
A central location
While older generations may prefer the peace and quiet of the suburbs, Millennials like to be right in the heart of the action. A central location will be a real asset for your rental property and will ensure it appeals to renters who want easy access to local pubs, shops and restaurants.
There’s a good chance your Millennial renters are going to be there long term, so it’s no surprise stylish décor comes high up the list of priorities. Investing a little in sprucing up your rental property will go a long way when it comes to attracting Millennial renters. A fresh layer of paint, modern furnishings, and a clean, contemporary kitchen should make your property irresistible.
In general, Millennials are very environmentally aware. This means they often look for properties with strong green credentials. Installing bike storage, recycling facilities, low energy light bulbs and other eco essentials will help your property stand out from the crowd.
Find out more about attracting Millennial renters, and making the most of your investment property, by exploring our site or getting in touch with a member of our expert team today.