About one-third of Australians are renters. Of these, about 40 % are millennials, who are rapidly becoming known as “generation rent”. They have been called this because of the growing gap between incomes and housing prices. For landlords, millennials are good news – it means a steady supply of long term tenants.
So how can landlords attract millennial tenants and entice them to stay on?
1. Provide technology
Millennials spend a lot of time online. High-speed internet connection and WiFi are essential to them. They also need power sockets in strategic places for recharging smartphones. Plus, millennials appreciate small gadgets – things like remote controls for air conditioning, lights and garage doors.
2. Be online
Millennials automatically go online for all their information. Flat or house hunting is no exception. Instagram and Facebook have become popular platforms for advertising rental properties. Potential tenants can quickly shoot you a direct message if they’re interested in what you’re advertising.
But when advertising property online, make sure you use quality photos and videos produced by a professional real estate photographer. This will grab the attention of millennials who live in a world saturated with sharp visual images. Include as much detail as possible about the property, too.
And don’t stop there. Ensure that all forms and contact information are available on your website.
In addition, use property management software for rent collection and for tracking expenses once your millennial tenants have signed the lease.
3. Accept pets
Many millennials want to live with pets. If your investment property has a garden or yard it will be particularly attractive to long-term millennial tenants who have (or would like to have) four-legged friends.
4. Millennials and climate change
A rental property with some environmentally-friendly features will be of great interest to ecologically minded millennial renters. Some simple and inexpensive “green” features include:
• Energy efficient lighting
• A built-in rubbish separation system in the garage or backyard
• Solar panels
• Low-flow shower heads on taps
A final word
By making your investment property appealing to millennials, there is potential to find quality, long-term tenants. By using the property management software Lodge, rent can be collected online and the process of renting your property to millennial tenants can be made much more efficient.