Most Important Leasing Factors for Generation Y Renters
Leasing to Millennials
With an estimated 8 million Gen Y renters hitting the marketplace in the near future, prepare yourself to accommodate these informed and technologically advanced prospects. Property managers need to adjust their marketing strategies to appeal to these future customers. Here is a rundown of the top things that millennials look for.
All About Location
Out of price point and quality of the apartment or unit, millenials tend to focus more on the location of the property. The driving factor to their location is the quality of life obtained by having a closer proximity to work or transportation. Additional aspects to their search are the price being charged and the condition and quality of living space received.
The most demanded must have to Gen Y renters that entice them is access to walk-in closets. Second in line is the ability to have in-unit laundry facilities, followed by some form of balcony or outdoor area. A little bit extra never hurts either. The millenials prefer to have the added value of a fitness center, parking, and outdoor pool.
Every facility cannot accommodate the demands of this upcoming customer base, however offering and creating incentives can still attract renters. Here is a listing of ideas to create increased interest with your property.
• Update lighting features, floors, or appliances. These small changes can do wonders for your property when sitting on the market.
• Install Wi-Fi throughout the property to give your client convenience factors that can waver support from tech-savvy renters. Maintain constant communication and maintain proactive on service issues.
• Partner with local businesses that appeal to this generation such as a yoga studio. Tenants would appreciate a small discount for utilizing services from the surrounding community.
By following these tips, you will become more familiar with the services that your future prospects will be looking at. This will help you prepare for the future, while enhancing your home's marketability.
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