Nowadays, landlords are perceiving the rental trends that most millennials have introduced. First off, millennials are looking to rent for quite a long time, if not permanently.
After all, even if this generation of renters have landed stable jobs after graduating from college, most of them still have a substantial amount of student loan to settle. Besides, many are earning wages that do not leave them with much extra money. Any amount saved is hardly enough to include homeownership in their future plans.
According to a 2019 survey conducted by Apartment List, the required down payment in buying a home, represents the biggest obstacle for most millennials. Others cite their poor credit score as main barriers.
In a way, this trend has made the rental business more lucrative, but only if landlords pick high-quality tenants. Otherwise, renting out housing units to tenants who cannot pay rent when due, or cause damage to the property, will only lead to stressful financial problems caused by losses of business income.
Seeking Professional Property Management Assistance as a Means to Take Advantage of Current Trends
If I am in the rental business myself, I would seek professional assistance from one of the rental property management companies near me.
In my view, professional property managers possess higher levels of expertise and experience in dealing with the important aspects of the rental business. Such aspects include collection of rents, screening and background checking of applicants, taking care of property maintenance and repair issues, as well as pursuing evictions when necessary.
Some other property management companies I have looked into, are also offering marketing strategies and services designed to attract quality tenants. These firms even offer guarantees in the form of promises such as “Tenant Placement,” “21-Day Leasing,” “Best Repair Price,” “One-Year Repair Warranty” and “Pet Damage Protection.” There is even a “No-Cost Easy Cancellation Promise” in case you are not satisfied with their service. That is, if you serve them notice within 30 days.
Considering those kinds of property management services that come with assurances, contracting with a reputable firm would be a wise move for landlords to make. That way, they can devote time in embarking on projects that would make their rental housing units attractive to high-quality millennial tenants.
What Makes a Rental Housing Unit Attractive to Millennials?
Millennial renters are very different from the renters of previous generations. The former are inclined to choose an apartment that offers flexible, energy-efficient and sustainable living conditions. Since they intend to live in a rented unit for a long time, flexibility of the living spaces would allow them to have somebody move in with them as housemate.
Most millennials maintain an environment-friendly outlook, making energy efficient and sustainable features attractive to them. Moreover, installations like low-flow toilets and showerheads, LED lights, programmable thermostats and insulations against draft, can help them curb the cost of utilities.
Rental properties located in areas that receive strong communication signals are the best, because most millennials engage in work-from-home arrangements. That being the case, they prefer an apartment with fewer concrete walls and metal objects that can affect the strength of Wi-Fi or broadband connections in other rooms.