In recent years, millennials are now dominating the demographic of people looking for an apartment. In short, most millennials have opted to be renters.
Because of the stricter rules in the financial world such as student loans, credit market, and job hunting, millennials have been struggling to keep up in the recession. Racking up more debt in the form of a mortgage is the least of their worries right now. Thus, they are more prone to look for an apartment instead.
Currently, there’s a massive number of millennials looking for an apartment. It’ll be a significant loss for landlords not to grab the opportunity of making big money by letting them rent their properties. However, catering to the needs of millennials can be a little bit tricky. Making the necessary adjustments are needed and can be tough, but if you do your research, it will make you a lot of money.
In recent studies, researchers have suggested that a lot of millennials today look for accommodation near their workplaces. With close proximity from their homes, going to their jobs becomes convenient. Compared to older generations, millennials are less concerned with having their place close to a good school or quiet neighborhood, placing all of their focus on work.
When advertising rental homes, whether it be short stay apartments Sydney, Michigan, or Chicago, it’s best if you also showcase the proximity of your home to a local business area. You can also showcase the freeways, shortcuts, or even the local transport they can take when going to work.
This way, they will be more interested in renting your place. Of course, it would also be best if your location is close downtown.
Energy Efficient Appliances
If your units have worn-out appliances or outdated ones, consider buying newer and energy-efficient appliances. Millennials’ propensity to save energy is high. Appliances that are not energy efficient means that you’ll have to pay more for utilities, which all of your renters won’t like.
That said, having to pay extra for utilities will drive away renters, especially millennials. If you are willing to splurge on new appliances, look out for an energy star label. The label means that the particular appliance can save more energy and will help reduce your utility bills.
Fitness and Recreational Areas
For a lot of us, fitness and recreation areas are a big plus, especially if it comes with the place we are renting. This is also an excellent way to pique the interest of millennials. Traveling to the gym can cost a lot of time, not to mention the subscription fee to be able to use all the equipment inside the gym. That said, having a fitness center along with the apartment is a plus for people seeking rent.
On the other hand, recreational areas for activities like movie nights, parties and celebrations, and simple gatherings are a big bonus for millennials. Most millennials celebrate just as hard as they work and like having a place where they can party all they want.
A recreational area is not really necessary. However, if you are willing to spend a lot on one, millennials will surely be interested in what you have to offer.
According to a study, approximately 57% of millennials own a pet or two. With this in mind, having pet-friendly amenities within your property is an excellent way to get their interest.
There are a lot of things you can install in your building if you want something for pet use. For this, it is best if you can make something that is cost-effective and needs less effort to maintain. It doesn’t have to be grand or elaborate. Animals are simple creatures and can be easily entertained with a few knick-knacks.
For example, a small yet beautiful dog park will be enough. If you’re gunning for something more luxurious, you can also have a pet spa built where pets can relax. There are a lot of things that you can choose from, and it’s up to you how much money and effort you’re willing to exert.
A Large Amount of Storage
Because of technology, shopping can be done easily with a click of a mouse. With that said, shopping can be really tempting. Studies have shown that millennial women shop for clothes twice more than previous generations each month. This results in these women looking for apartments with a lot of storage.
This can be easy to amend as you can have a lot of closets installed in a unit- even a walk-in closet. You can also get creative, like making storage areas out of places where it’s not usually the case. An excellent example of this is under the bed.
With the number of millennial renters rising, it is best if you make a good client base out of them. Along with making the necessary adjustments, getting the attention and interest of millennials can be easy if you do the right thing.