What Millennials are Looking for in an Apartment

If you’re a landlord, you understand the importance of attracting and retaining high-quality, high-paying tenants. Perhaps you’re hoping to get in the real estate game, and assessing the ways you can make the most out of your investment. When it comes to making money from a second property in 2017, Millennials are the key to success. This generation is opting to stay in the rental market through their 20s and 30s, instead of buying homes immediately like generations before them.  So what can you do to capture this lucrative market? Tailor your property to their needs and desires.

Location Needs

If you’re in the market for a second property, make sure you’re keeping millennial location desires in mind. Millennials are looking for the proper balance between work and play, and this makes locational convenience more important than it might have been for previous generations of renters. Look to purchase a property in an area with bustling businesses rife with young professionals. Commute times are a top concern among renters of all ages, and it’s important to highlight the ways your property can make their lives easier. As millennials move into their parenting years, you may want to consider areas that have reputable local schools. When you do purchase a property and begin showing it to prospective tenants, take the time to highlight locational convenience.

A Sense of Community

Communal spaces are a major draw for the millennial generation. They’re looking for a family away from home, and adding community-centric features to your property can help draw in high-paying millennials tenants.  Highlight the ways your property can help them foster a sense of community in their living space. If you own a multi-unit property, set up an outdoor patio area complete with a barbecue, or set up a recreational space with a volleyball net or basketball court. If you’re renting out a single-family home, be sure to create outdoor living areas where they can host all types of shindigs. Whether you accomplish this through something as simple as a covered outdoor patio, or you bring the wow factor with an outdoor kitchen setup, these types of investments will definitely entice younger prospective renters. This kind of feature will appeal to those looking for a home that offers more than just a roof over their head.

Energy Efficient Features

With the move towards environmental consciousness, millennials are more concerned with energy efficient and eco-friendly features than their predecessors. To capture this market, you’ll likely need to upgrade your property with the latest in energy efficient technology. From washing machines and dishwashers to energy efficient stoves and refrigerators, there are plenty of eco-friendly amenities you can add to up the ante on your property. This is easier than it might seem, and doesn’t need to cost a fortune. Extend your efforts to the outdoors as well. Switch out your grass lawn for artificial turf, check out rain catchment systems to recycle water, and consider seeding native plants for easy-to-care for gardens.

Screening Concerns

After you’ve put money and work into your property, make sure you land the right tenant—screening tenants should be a regular task. Screening processes have changed for many landlords. Because millennials may not have much of a credit history, it’s important to look for other key indicators. Use a screening service like Transunion Smartmove that looks at more than credit history. With this service, you’ll get insight into their eviction history and any criminal convictions in their past.

If you want to capitalize on the burgeoning millennial renter’s market, it’s time to spruce up your property with their needs in mind. From open floor home design to appropriate décor features, there is a variety of ways you can make your home a standout for this lucrative subset of the population. Whether you invest in eco-friendly features, purchase an additional property in a prime location, or ramp up communal spaces, these types of investments provide a fantastic payoff.

About the Author