What Young Adults Want in a Rental Home
If you’re a landlord trying to attract a younger rental crowd, you might be a little confused as to what this demographic actually wants. Are outdoor spaces important to them? Is it crucial for the home to be pet-friendly? How much does pricing come into play? Well, you’re in luck. We’ve got your guide right here.
Below, we’ll dive into what younger renters are looking for in rental properties and how you can best market your rental to this demographic.
No millennial wants to spend their nights washing up after dinner. Sure, 1950s housewives might have found the task relaxing but millennials are too busy to don aprons and rubber gloves. A dishwasher is an essential appliance you should think about adding if your rental property doesn’t have one currently.
Another major appliance that younger renters are looking for are in-unit washer and dryers. It makes a huge difference when you don’t have to lug your laundry to the local neighborhood laundromat after all. Or, even if there is an on-site laundry room, renters have to scrounge up quarters and pay for it. With a washer and dryer in the unit, you eliminate all of those sources of inconvenience.
Between rent, a deposit and other fees that come up with the rental process, younger people may struggle to maintain robust bank accounts. (As a side note, this is why it’s crucial to get a rental history report for your potential applicants – millennial or not.) If younger renters walk into a place missing tons of essential appliances, that’s immediately a serious financial barrier to renting your unit.
Having a dishwasher, washer, dryer, fridge, oven, and microwave are thoughtful additions that could be the difference between renting out your unit or staying vacant.
You know what’s annoying? Setting up internet. If you can afford it, it may make sense for you to set up speedy internet before your next renters enter your unit. Fast WiFi that’s already set up is a huge bonus for millennials looking for a move-in ready unit.
Everyone has lots of stuff. Especially if younger renters have hobbies, those hobbies usually mean extra belongings. Whether your renters are cyclists that have multiple bikes to store, artists who have paintbrush collections, or sewers who need places to keep their crafts – your renters need storage. You might want to consider adding extra cabinets, shelves, and racks so a potential renter knows that all of their belongings would easily fit within the space.
Even if you have to charge an extra pet deposit or pet rent, being a pet-friendly unit is a real draw for younger renters who have four-legged friends in tow. Almost 60% of millennials own a pet according to recent research and by disallowing pets, you’re cutting out a huge potential market. Most people will choose their dog and cat over an apartment, after all.
Sure, your unit doesn’t have to be perfectly silent. It’s likely that you’ll hear sounds if they’re loud enough, after all. However, if you can hear neighbors talking through your walls or other everyday sounds, it might be time to look into sound-proofing the house. You can try adding insulation, replacing windows, and replacing doors. Together, these replacements will result in a quieter, more calming space. This is especially important if your unit happens to be near a busy road and there’s constant traffic noise.
Pool and other communal amenities
If your unit is in a complex, it’s important that there are adequate amenities to keep younger renters happy. Updated, landscaped grounds, common areas with grills and tables, and a pool might be the extra perks that get a renter to sign along the dotted line. Although you may not have control over these kinds of features, they’re still important considerations young renters consider when deciding whether or not to rent.
Young renters expect a clean, safe place to live in above all else. But when you break down the wants versus needs when it comes to apartment hunting, there are some clear things you should consider as the property manager or landlord. For example, shiny new appliances are a huge draw to renters who don’t want to spend money outfitting their new place with furniture and appliances. When you’re renovating your unit to try and attract the younger crowd, think in terms of convenience, comfort, and quiet. Soon, you’ll be on your way to renting to the perfect tenant.