Why Millennials Are Key To Real Estate Investors | Rental Marketing For Millennials
A key trend to watch now is the strong influence of the Millennials on real estate investing. This group may shape the way you run your real estate business now and in the future. Because I focus on real estate investments every day, I find current trends to be of the utmost importance. The current trends are the gateway to future trends and this of course makes up your investment dashboard report. Watching these trends, you can start to foresee the way you want to run your real estate investing business in the future. What worked in the past may not work as effectively this year and may not work at all in 5 years. The more you know about the Millennials the better because they represent the largest pool of tenants by far. I have spent a lot of time researching this group so my clients and I can better understand them and create rental spaces and marketing that will appeal to their particular wants and needs.
Who are the Millennials?
- Young adults born between 1978 and 1995
- 80 million + young adults and growing
- Representing 25% of the population
- Prefer to be mobile and not tied down to the obligations of home ownership
- Prefer to live near employment and activities
- Often work from home on the computer and are tech savvy
- They love gadgets and the latest amenities
- They have good salaries and are not tied down to one job for a lifetime
- They delay marriage and growing families until later in life
Millennials make a great tenant base
All these things make for a great tenant base and since they are more self sufficient than anything else, they delay marriages and having families until later which creates a sustainable tenant. So if they represent the future tenant pool, it is imperative to know more about this group.
Those of you who have family members in this age group may understand this to a slight degree, but understanding this group as a whole is imperative to create rapport with them as they may well indeed represent a different tenant than in the past.
You need to understand that they were raised in an era where parents told them they were special on a regular basis. They played sports in a time where there were no winners and losers, everyone was a winner and they received awards simply for participating. In fact, consultants are being hired by large firms today simply to understand how to communicate with a generation who only takes yes for an answer.
Millennials indeed have an edge, they are large in numbers, they are tech savvy and they are masters at multi tasking. Many of them are very hard working with many tech tools to get things done. This generates a large salary for them and today's best jobs with the highest pay increases are going to this clever and resourceful group.
What do Millennials want in a rental unit?
- Close to employment and activities
- Latest amenities and they can afford them
- Social spaces where they can entertain their friends
- Access to the latest technology based utilities like high speed internet and upgraded electric
Some facts about Millennials and Renting
- They compare value so as a landlord do your diligence and compare your rental listing to the competition before marketing to this savvy group
- They do everything on the go so marketing your property on websites that are Mobile optimized is imperative
- Applications should also be online and Mobile optimized
- You need to offer pet friendly rentals (76% own a pet)
- They cook more and dine out less so nice kitchens
- They do not write checks so online bill pay options is important
- Surveys show their Number 1 priority is safety so promote the safety of your unit (if applicable)
Hopefully this great information on the Millennials can help you to understand how to better work with them. With such vast numbers behind them, sooner or later you will be renting to them so having a better understanding of how they think will mean a higher occupancy rate and better tenants in the long run!
Happy real estate investing!