Millennials make up the largest percentage of renters at the moment, and each one seems to want something different in an apartment which can make it difficult to market towards them. However, since most millennials are pursuing higher education or their careers, they have pushed marriage and kids to the back burner for a while, they don’t seem to be leaving the multifamily market in favor of the suburbs anytime soon. Because of this, marketing to them should remain a priority for now.
One of the most important pieces to the rent puzzle for millennials is location. A central location that is a walkable distance to their work or school, entertainment, and restaurants, is high on the priority list for millennials. They want to be in the middle of everything that is going on, and are willing to pay more for a prime location. When you are writing about all of the amazing features in your property, be sure to also mention attractions that are in the neighborhood. A locally-owned coffee shop or a library nearby can give your property a reputation boost.
Cellphones have become transitional objects for many adults, to the point where they are basically an extension of one’s hand. Gen Y is in tune with their technology and want to keep updated with the newest systems, meaning you’ll need to know the newest ways to reach out to them. Online video accounts for nearly 2/3 of all online traffic, which reflects how YouTube has become the second most popular search engine among millennials. Tenants will appreciate if your marketing and their apartment is just as “smart” as everything else in their lives. You can easily achieve this by incorporating smart home technology into your building, or simply by making the process of renting easier with online rent payments they can access on either their laptop or phone. Keeping connected also helps everything get done on time, whether your tenant is a student with a hectic class schedule, or a member of the workforce with long office hours, taking payments online will help ensure they don’t fall through the cracks when time gets ahead of them.
A great selling point for millennials is the community culture in your property. It may come as a surprise that millennials who seem to be constantly on their phone list community as a big factor when looking for apartments. If this is something that your property seems to lack, you can find easy ways to begin to foster a community within your complex. By creating open community spaces as amenities, you can give residents a place to convene and get to know one another. You can offer streaming nights once a month or week to get like-minded people together, or block out times to leave a space quiet for study hours for students. Your efforts will not only help you boost resident retention, but also draw millennials to your building.
Two-thirds of millennials are pet owners, and those who have pets often find it difficult to find a place to rent. Because of this struggle, pet owners often will stay in a lease longer than non-pet owners. Allowing pets into your property can be a great investment into creating a community among your tenants. Plus, there are several of simple-to-add amenities, like dog parks, that can bring more tenants through the door when pets are involved. Though introducing pet-friendly policies may seem daunting if you don’t already have them in place, there are several benefits for both you and your prospective tenants.
From On-Site’s blog.