Millennial’s have grown up in a time of rapid change, giving them a different set of priorities and expectations than the generation that preceded them. The millennial generation has grown up in a time of fast-paced technological change, coupled with the threat of economic and financial stability. As a result of this change the generation is changing the way we consume and create by forcing industries to examine how they do business for decades to come.
Companies are realising more and more how important it is to attract and retain millennial’s. But how different are the renting needs and priorities of millennial’s? Millennial’s want value for money. Everyone wants value for money I hear you say, but research by Goldman Sachs on their consumer behaviour actually shows while quality is still important, the price is a more important factor than it is for other generations.
The location of your property is top of mind for your potential residents, second only to price. The location of a property is important to every demographic, but what do millennial’s mean when they prioritise a good location?
If your property is in a central location, this should be marketed front and centre on your social media, website, and any other marketing materials you use to attract residents.
They need to feel secure. We recommend looking into telephone operated tenant entry systems and installing automatic lighting around the property exterior to make sure your residents are (and feel) safe. Anything technologically based is becoming more and more popular.
Is your property pet-friendly? 32.5% of millennial’s are pet-owners. There is a lot to consider when it comes to allowing pets on your income property but from a tenant perspective allowing pet owners will expand your market.
Millennial’s have grown up with the internet and smartphones in a 24/7 digital world. Naturally, high-speed internet, cable access, and cell-phone reception remain high on millennial’s’ priorities. In fact, when asked to rate the importance of speed, reception, and reliability within the apartment unit on a scale of 0 to 10, respondents to What Do Residents Want? weighted speed of Internet connection (7.54), the stability of Internet connection (7.44), and cell-phone signal reception (7.33) as highly rated tech amenities.
Millennial’s want to be able to manage all their apartment needs from their smartphones. There are a number of reasons, but fundamentally it comes down to convenience and custom. In a world of Uber, Facebook and Airbnb, like any other area of their life, millennial’s expect to be able to manage their apartment needs from their smartphone.
The above is an overview of what millennial’s —who are now your biggest customer — want. Ultimately it’s not that different from the needs and priorities of the previous generation, but research is showing that more and more there is an emphasis on community and technology.
Do you have a short term rental. Check out AirRentalz to see how their marketing approach is different to the others.