As the lettings market grows, so does the number of millennials (those born between the 1980s and the 2000s) seeking a place to call home. When it comes to renting a property, millennials have a very different set of expectations and priorities than the generation that preceded them. Here is everything you should know to attract millennials to your rental property.
Location is key
Most millennial renters want to be as close as possible to local amenities, which is why they prefer urban, apartment-style living. When advertising your property, make sure to include information about commuter stations, bus routes and even bike paths that are close to your property. The closer your buy-to-let property is to shopping centres, restaurants, bars and other amenities, the better it is to attract millennials to your property.
Millennials tend to care deeply about the environment. They’re interested in green initiatives and doing their part to keep the planet clean. You should consider installing energy-efficient light bulbs, providing recycling services and switching to green appliances. Implementing recycling efforts and equipping your property with energy-saving appliances is likely to catch the eye of many millennials.
Millennials tend to prefer homes with high-tech features such as smart thermostats, electronic security systems and USB ports built into electrical sockets. Properties that are well connected tend to attract millennial tenants, especially if the focus is on tech-savvy ways to keep your property energy efficient and green. Given the growing trend of smart properties, these investments will not only help you attract millennial renters but will also improve the value of your property in the future.
Open plan living is a huge selling point for millennial tenants. Not only does it make a property feel bigger, it also allows tenants to interact more easily with each other from the kitchen to the living room. To save space you can also opt for furniture that serve multiple purposes. For example, a built-in sofa will bring you more space hidden underneath.
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