Property management involves several tasks. Among the most basic tasks is the job of securing renters for the properties. Understanding the rental market is one way for property managers to boost business.
According to recent statistics from the National Multifamily Housing Council, 51 percent of the rental market consists of millennials, and the percentage will likely increase. Millennials are less inclined to purchase a home than previous generations. Since this is a key demographic for rentals, it makes sense for property managers to gain an understanding of those to whom they will likely be renting. Here are 3 characteristics of millennials.
Millennials have been raised connected to the internet. They use their smart phones for about everything including texting, shopping, research, and self-care. Many millennials connect to the internet to fill out applications and make many of their regular purchases. So, in order to attract this group of people, property managers need to make rentals accessible online as well as offering a platform for filling out the application.
Once millennials become tenants, make maintenance requests simple with an interactive platform. The convenience will go a long way in keeping them locked in.
Research indicates that millennials are concerned about social responsibility. Highlighting any “green” features of the rental will go a long way with this group. Also, if there are any social causes that the property managers or owners are involved in, it can create a connection with millennials.
Millennials love company and friends. Whether they are getting together for a cookout or checking out a new museum, they enjoy social activities. When selling your property to millennials, it is advantageous to mention or list all of the social spots around town.
Understanding the millennial preferences aids property managers in renting to this group. Connect with us for more information about property management.