As the millennial generation is changing the way America looks at renting by being a generation of renters, Richmond property managers ask, “What do Millennials really want in a rental property?” J Turner Research recently surveyed this generation of renters to find the answer to that question.
What Influences Millennial Rental Decisions?
When asked about the top priorities impacting rental decisions, millennials ranked location, quality of home, and price point as their top concerns. Respondents also stated that aspects enhancing their quality of life were a priority as well, specifically commute times, proximity to public transportation, value for the price, and the condition of the space they would be renting.
Millennials rental decisions can be swayed by the amenities the property has or doesn’t have to offer. Homes that feature abundant storage space, washer and dryer in the home, and a modest outdoor space make the list of “must haves.”
The list continues to include luxury amenities such as an on-site gym, ample parking spaces (covered most desirable), and access to a pool. These luxury items are not considered deal breakers, but certainly could help a millennial be attracted to the property.
Meet Millennial Renter Demands
With millennial renters representing a huge portion of the rental market, property owners would do well to listen to their rental wants and feature items these renters are looking for. While you may not be able to install a pool, or have access to a gym, there are a few simple demands that are easy to offer including making the property Wi-Fi friendly, and updating the appliances, kitchen counters, flooring, and lighting fixtures. While this does not need to happen all at once these small changes are attractive to new renters.
Knowledge is Power
By knowing what your renters or prospective tenants are looking for, you can maintain your property in a way that meets the demands of this new generation of renters. Attracting renters will help decrease your vacancy days by leasing the property to a tenant who desires to stay long term.