What's your target renter population group? If your rental property isn't attractive to millennial renters, you're missing out on a significant population of renters—and you could be losing money.
In 2019, millennials surpassed Baby Boomers as the nation's largest living adult generation. That's right! Those "young" millennials we loved to puzzle over are now productive adult members of society—and until they can afford their own, they prefer renting their homes. This often leads to a scenario where millennials find themselves renting for many years.Millennials are in the workforce, they are parents, and they look for Tracy, CA rental homes that fit their budgets and provide the amenities that enhance their digital, independent lifestyles. Is your property millennial-friendly? Follow these tips from Tracy property management to make sure you aren't missing out on these valuable renters!
Smart Features Are Smart Investments
Millennials enjoy conveniences and technology. When considering what they look for in a rental property, a few simple "smart" upgrades will be worth the time and small expense!
You don't need a fully-automated rental property, but consider some of the most critical areas of your home that can boost your property listing and attract residents who appreciate technology. Consider smart amenities like:
- A wifi video doorbell
- A smart thermostat
- Smart lighting
- Plenty of USB wall outlets.
These features help reduce energy bills and make your home convenient for today's millennial renters. Featuring these amenities in your Tracy, CA property listing to attract these valuable residents!
Don't be afraid to adjust your monthly rent when adding smart home features. A study shows that millennial renters are willing to pay more for homes with smart technology!
Plan for Families
Millennials are now young adults ranging in age from their early 20s up to 40 years old. They're no longer "kids!" Millennials are getting married and having kids of their own.
When your Tracy, CA property is attractive to young families, you'll provide an excellent home for these renters. Properties with the following features are millennial-family-friendly:
- A yard with fencing
- Safety and security
- Multiple bedrooms
- Excellent nearby schools
- Access to parks and kid-friendly activities.
Millennial renters want safe neighborhoods to support their family lifestyle, and they want to balance work life with home life. This means providing a sense of retreat after a day of work while spending time at home with their families. Millennials also need to trust that their homes are safe when they are there—or away.
Welcome Pets Home
Single and married millennials often have pets! This generation loves their cattos and puppers, and they look for rentals that accommodate family pets.
Pet-friendly properties help property investors make more money! You'll have a broader target audience of potential renters to help select your ideal residents. In most cases, pet owners are responsible renters who take care of your property and pay the rent on time.
Pet owners know the challenges of finding a property that will also allow a dog or cat. When you come to the rescue with a home that welcomes their pets, you'll find loyal, long-term residents who appreciate living in your rental property.
Millennials Are Excellent Residents
If you're concerned that young millennials might make terrible residents, don't be! Millennials are proving to be responsible adults who are planning for their futures, families, and finances.
Renting a home makes the most financial sense right now for this group of adults. Plus, the features that millennials look for in a rental home also attract other groups of renters. Baby Boomers and Gen Z appreciate technology and pet-friendly properties, too! As you make sure your Tracy, CA rental property meets the needs of millennial renters, you'll find it works well for many types of renters, as well.
Property Management Helps Prepare Your Property
Tracy property management knows how to make sure your property attracts the best quality renters—no matter your target resident! We study the market and the rental population to find out what renters want, and what makes the most sense for your property.
- If your home needs a few updates to attract millennials, we can recommend the amenities they want most.
- We can also take care of upgrades to keep your property competitive compared to other rentals in the market.
Choose Tracy Property Management to Attract Millennial Renters!
Generating long-term rental property investment income often means keeping up with The Joneses—especially if they are millennials! What renters want most changes over time as the rental population evolves, and rental property features that work best at this stage of life change with it.
To make sure your property attracts the best renters, investors must review market trends and make smart updates to their properties. Choosing HBR Rentals means you have the Tracy property management you need to keep your property current and ready to meet the needs of your ideal renters! Our rental market analysis includes following the trends and comparing your property to others in the market.
Ready to welcome home your ideal residents? Contact us for a free consultation!