Having an additional stream of income is a wise choice nowadays. After all, the cost of living will just continue to rise.
Thus, if you have an unoccupied space, condo, apartment, or house, you can rent it out to other people to supplement your current income. Not only can it be a solid and continuous source of income, but it also helps you earn extra without the need to get involved that much.
With more and more people preferring to rent a property than own one, all you need is to keep up with the maintenance. However, if you want to make money, then you have to target a specific group of people. A great demographic to target are millennials.
Good thing there are plenty of ways you can make your rental property much more attractive to the generation. Check out these tips listed down below.
Put some effort in your online listing
Millennials are subject to a lot of online listings when they’re shopping online for clothes, when they’re looking at posts upon posts, funny cat pictures or cat videos, and so on.
Therefore, they know a poor online listing when they see one. Luckily, there are plenty of ways you can improve your online listing.
What Millennial Renters Want
- Upload High-Quality Images
If you put in shaky photos of your property, then you’re definitely not making yourself look good to anyone. Aside from that, you should make sure that the property is in great lighting to make it look more welcoming.
2. Name Your Listing Right
Having an accurate listing that is also attractive is a great way of getting people to take notice of your rental. Of course, you shouldn’t just ram every single keyword in existence on it. Be particular but be interesting too.
3. Have a Great Property Description
Having a great property description means that you should ensure that every single relevant details about your property is included in it. Put yourself in the shoes of the ones who want to rent your property and figure out what you would want to know about a property and list it there.
Make Your Property Eco-friendly
Nowadays, a lot of millennials have beliefs that they want to be reflected in different aspects of their life. Be it the things they buy, the clothes they wear, or the food that they eat, millennials are a lot more conscious of current events.
This also explains why sustainability, minimalism, and zero-waste living is on the rise. Therefore, if you want to attract the renting generation to lease your property, then you need to learn eco-friendly and sustainable practices when it comes to managing a property. Afterwards, you can use this to your advantage and market your place as such.
Do remember, though, that it’s not enough that you market your property as eco-friendly; you have to push through with your promise. A lot of millennials are a lot more discerning so they won’t take kindly to false advertising.
Use high-tech features
When renting to millennials, it would be a good idea that your apartment has some high-tech features.
These features don’t have to mean that you put any and every available smart home feature that you want. Otherwise, you might end up having a home to rent out that not a lot of millennials are able to afford.
You don’t even need high-tech features on the home itself. Just your services and information about your property is arranged in a convenient manner on your website is good enough to impress.
As mentioned before, they prefer to be more sustainable. So if you can make the transaction as paperless as possible, they will appreciate it.
Make it Pet Friendly
A lot of people are fond of having pets. For a lot of them who are born in the Internet age, you would know just how much content about pets there is online.
With that said, you can increase the number of potential tenants on your property by making the home pet-friendly.
It’s understandable that you may have trepidation about making your home pet-friendly since pets can damage furniture and fixtures in a house. However, the love of pets that millennials have may mean that they’re willing to pay a little extra just to have their furry family members with them.
Add Modern Touches
Adding a few modern touches to your rental property will attract a younger audience.
Although it’s ideal that you keep your house up-to-date in style, it doesn’t mean that you have to be in complete control over the look. As long as it looks presentable, clean and customizable, then millennials will like your home.
You can receive help of rental cleaning service providers to ensure that your tenants and guests will walk in an organized and immaculate home.
Another thing you can do is that you can allow your potential tenants to paint the house themselves if you want to bank on the uniqueness of your rental property. If that concerns you, then you can always limit the areas of the home that they can customize.
Make Sure it’s Easy to Maintain
Lawn maintenance is not something that a lot of homeowners are into. In fact, they want every space in the house to be used for something instead of just having patches of land that they have to maintain.Thus, it will do you good to make sure that your home is easy to maintain.
Offer Great Service
As a landlord, you should make sure that you offer great service to your tenants. Oftentimes, a lot of people end up not liking the people they’re renting out their place to.
As for millennials, they won’t hesitate to share with friends and colleagues and even the Internet about ill-treatment. And mind you, based on the recent millennial renting trends, more and more of them prefer to rent a house than to own it.
Therefore, the least you could do is offer great service. Try and make a genuine connection with people renting out your property. Make sure that you make it easy for your tenants to contact you for maintenance issues that they may have. That way, you can address issues in your property as soon as possible and not make it worse for you and your tenants
Know What Amenities Do Renters Want
Making your rental property appealing to millennials is not as hard as it may seem. In fact, they’re quite simple changes that you can do right now if you want to.
From adhering to their advocacy to simple maintenance issues, you can create a rental property that millennials will find attractive and liveable.
Good luck with the search and make sure you apply these tips for the best results!