Appealing to the millennial demographic is definitely not an easy task ,and appealing to the millennial renter is a challenge for many property managers.
Whether you’re trying to bring young blood into your company and boost your employee retention rate, or if you’re attempting to attract young renters to one of your properties, the millennial generation is a peculiar bunch you need to approach in a unique way. Needless to say, the old ways of staging, designing, or promoting a property will no longer work.
Nowadays, the renters are looking for simplicity and functionality across the board. Complemented with unobtrusive aesthetics and by giving them the freedom to influence their living environment, the properties you advertise might just stand a fighting chance in the competitive market. Here’s how to appeal to the average millennial renter.
1. List the essential information first
First and foremost, the millennial demographic puts emphasis on transparency and honesty above everything else. Consider the fact that some 84% of millennials do not trust traditional advertising models, and the fact that they are apprehensive about trusting businesses in general, and you can understand the urgency to portray a trustworthy image of your listings from the get-go. If the potential renter cannot find the basic information about the property such as square footage or price, they will move on to the next best thing.
The average millennial will spend the majority of their time browsing the web for properties, and they will inspect every option thoroughly before booking a viewing. If you want to get to that stage, you will need to provide them with all of the basic information, including floorplan details, contact information, as well as photos and videos that accurately portray the state of the property.
2. Maintain a clear and clutter-free setting
Once they schedule a viewing, they will expect to be greeted by a simplistic, functional, and clutter-free interior. The millennial renter doesn’t want to pay for a place that feels messy or cluttered, nor do they want to live in a place they can’t mould into their safe haven. This is a place they need to be able to call home, so it should be designed and decorated accordingly.
This doesn’t, however, mean that it should be stripped of all soul and substance. It simply means that you should keep the space clear of clutter, and that the interior should follow a semi-minimalist design throughout. Complement this with a contemporary look in terms of furnishing and amenities, and you have yourself an interior that will catch the millennial’s eye.
3. Appeal to the millennial renter mind with technology
If you are to attract the tech-savvy millennial to your property and inspire them to make the place their new home, you will need to design it with technology in mind. Every room needs to portray a contemporary image, boasting sleek gadgets throughout, smart technology, and quality entertainment units that will help create a homey vibe that’s familiar to a millennial’s heart.
With that in mind, you want to equip the kitchen with smart appliances, install an AI home assistant, and create an entertainment centre in the living room by properly mounting a TV on a wall and hooking it up with quality surround-sound speakers to create that movie-theatre feel the millennials will love. Be sure all of the gadgets are connected and that your renter can easily control them with their smartphones, and you will have no problem grabbing the attention of the tech-savvy millennial.
4. Optimise the website for mobile viewers
Without a shred of doubt, your potential renters will check out your online presentation before attempting to get in touch and schedule a viewing. For this reason, not only does your website need to be responsive, aesthetic, and functional, but it should also cater to the unique preferences of the “smartphone generation”.
Nowadays, people are increasingly using their smartphones to experience online content and find the information they need quickly, no matter where they are. They are no longer tied to their desktops or laptops, which is why your online presentation needs to be optimised for mobile use across the board. Take advantage of accelerated mobile pages to make your website more responsive and aesthetically pleasing on handheld devices.
5. Is the apartment worth the investment?
When it comes to creating a price that will appeal to the millennial demographic, cheaper is not necessarily better. The average millennial will rather pay a higher price now for the chance to make greater financial savings in the long run, so your main priority should be to offer long-term value to your tenants.
Be sure to include valuable features such as rewards and occasional discounts, the ability to pay their rent online, submit paperwork, or make long-term financial savings with passive conservation features such as green technology. Remember that going eco-friendly also means attracting more of the mindful millennial demographic.
As you can see, millennial renters are quite different than their older counterparts, and as a property manager, you will need to adapt to the unique preferences of this generation if you are to successfully market your properties. Use these tips to appeal to millennials, and inspire them to make your property their long-term place of residence.
References:
https://www.buildium.com/blog/how-to-retain-millennial-renters/
https://www.mysmartmove.com/SmartMove/blog/anatomy-millennial-renter-infographic.page
https://homelet.co.uk/landlord-insurance/tips/millennial-renting-what-do-renters-look-for-in-2018
