How to Attract The Next Generation of Renters

How to Attract The Next Generation of Renters

Millennials and Gen-Zers (babies born in the ‘90s) get a bad rap for being entitled and lazy, with noses constantly in their phones. Well, the phones part might be accurate but the stereotype on the whole is way off base. Many people from these generations are internally motivated and contribute long hours in the work force, which is why they are a big target when it comes to finding renters. From college kids to those who are just starting out in their careers, these people can and often are great tenants. But let’s face it—if they’ve got the money, they can be picky due to their ability to do a lot of research. So how do you target millennial renters? Read on for tips!

Advertise Your Rental Property Online

As we mentioned above, these people are research experts, mostly because they’ve used the Internet practically their whole lives. As per appfolio.com, “75 percent of Millennial renters checked online reviews when they were shopping for a new home to rent.” That means they’re using social networks, forums, and review sites before they ever even think to pick up the phone to schedule a visit. In fact, if you have enough negative online reviews, you might not even get that visit, which is why you need to invest in online reputation management. If you opt out of doing this and decide to do it on your own, you must be diligent about checking your reviews. If and when you get a negative one, face it head-on in a professional manner. Ask the person if you can take the conversation offline and ask how you can rectify the situation. If you do this well, you could very well change a negative online review to a positive one.

Smarten Up Your Rental Unit

These are the most technologically savvy generations, so many of them will hold out for things like smart, connected devices and appliances. General connectivity of the wireless variety is a must for this generation. They want fast Internet speeds and stellar wireless reception, and are likely to be checking the bars on their phones during their in-person visits! Beyond this, though, they are looking for the high tech bells and whistles, like smart thermostats that help keep their apartments at a comfortable temperature while still saving them money. Studies have also shown that these generations already have security concerns, so a keyless entry could be one of the many things that could take them from a “maybe” to a “yes”. Sure, it’ll cost you more but many of these folks are willing to pay more for these additions, too.

Understand How They Pay

Checks? What checks? These new generations are often not even offered these antiquate paper thingies when they sign up for checking accounts. As a landlord, you need to keep up with the times and offer ways for them to pay online. In fact, it’s recommended that you set up an online system that not only allows them to pay you but also allows you to communicate with them re: changes to the apartments, parking lot paving, etc. Because they are on their phones so often, they’re more likely to get these messages than if sent another way.

Go Green

It used to be that recycling was enough to please the environmentally conscious renters but, these days, you have to go above and beyond this. A community garden is also ideal as it not only manages to attract the green-conscious renters but those who also love to socialize—which is what many of these renters are also seeking from their living area.

You might be overwhelmed by the idea of attracting the new wave of renters and be tempted to do the “same old, same old” to advertise your rental properties. Don’t be afraid! Make a few or all of the tweaks on this list and you’ll be appealing to the future generations, too—and waiting for the profits to come rolling in.