Blue Mountain Real Estate and Property Management wants you to know that renting to millennials is not rocket science. With the big housing boom in Denver, more and more millennials are moving to our beautiful city. So what can we as property owners and managers improve on to gain the edge in this booming rental market?
Thanks to our friends from Appfolio.com & Zillow.com, we’ve compiled a list of things to keep in mind when renting to millennials:
Score a Renter You’ll Really Love
- More millennials have pets: Pet-friendly rentals are becoming more in demand as we see an increase in pet ownership among millennials. According to the Washington Post, 75% of millennials own dogs, while 51% own cats. You still have to consider the maintenance and repair budget that comes with allowing pets in your rental, but the reward might outweigh the risk.
- 2 wheels are better than 4: The average millennial drove 23% less in 2009 than in 2001. Having a bike-friendly rental location will put you ahead of the competition. Adequate outdoor storage, balcony storage and a great central location will attract active millennials.
- They’re growing up & having kids:8 million millennials have children and are looking for rentals to fit their lifestyle. Multiple bedrooms, great storage, swing sets, and child-friendly amenities will make you more competitive in the rental market.
- They cook more and dine out less than Gen X: 61% of millennials enjoy cooking and a modern, functional kitchen is a huge attraction in the rental market. During this tough economy, a lot of millennials are eating at home more which makes the desire for a great kitchen ideal.
- They like giving back to the community: As property managers in Colorado Springs, we have no shortage of community organizations to be a part of. Millennials are very invested in companies who are active in the communities they work in. Showing an interest in local causes will connect you with socially active and responsible renters.
- They rarely write a check: Have you encountered any renters that had never written a check before? Surprisingly, 22% of millennials have never written a check. By offering options such as online payment, automated e-check processing and bank to bank transfers, you are more likely to receive your rent payment on time. That’s something we can all get behind!
- Safety is a top priority: Millennials want to feel safe where they live. 76% reported safe streets as a number one priority for metropolitan rentals. By providing security cameras and a security patrol car, you can ensure the safety and well-being of your renters.
- They are talking about you: Millennials are always connected to some form of social and online media. They are 95% more likely to report a bad experience than a good one. Having a presence on online referral tools will boost your word of mouth referrals and give you credibility amongst the millennials.
- They text everything: Being a landlord who is easily accessible via text will set you apart from other property managers. Millennials love to get a quick point across and don’t like to waste their time going through the old modes of communication between tenant and renter. Keeping them happy will increase your good reviews and word of mouth references.
- They need fresh air: Properties with excellent outdoor living spaces are bound to impress with millennials. Barbecue grills, outdoor furniture and pleasing communal amenities are definitely something to consider.
Best Property Management in Colorado Springs
We hope this list of millennial trends has been helpful as you search for a property management group to work with for your Colorado Springs rentals. Blue Mountain Real Estate is committed to staying up-to-date with the changing times of this exciting real estate market. As always, we are here to answer any questions you may have!