As a landlord you need to treat potential tenants as customers – and that means making sure you’re doing the right marketing to attract them.
If you’re aiming to appeal to people between the ages of 21 to 35, then you need to please the Millennials – the name for people in this generation. Research released earlier this year predicted that a third of this generation could rent for their entire lifetimes, so it’s well worth understanding them and their priorities.
So what makes Millennials tick, and how can you make sure you deliver meet their housing needs?
1. Be tech-enabled
Millennials have grown up with the internet and are used to doing everything online. You are less likely to attract this market unless your property is advertised online, viewings are bookable online, and rental payments can be made via e-banking. If you’re renting house shares or flat shares to 21 to 35 year olds, then you need to ensure there’s high-speed, reliable wi-fi in every room. Good bathroom facilities (ideally bedrooms with ensuites) and a regular cleaner are becoming desirable too.
2. Be well located and safe
It’s becoming increasingly easy for Millennials to research rental properties and locations, so your property needs to be competitive. Ideally, it needs to be somewhere that makes commuting fast as well as close to a gym and grocery store, and not far from good quality bars and pubs.
Safety is very important to this group too - so a pleasant area, off street parking and good secure door locks will make your property more appealing.
3. Great kitchen space
This generation goes out less than its predecessors – people prefer to entertain at home. A modern, spacious kitchen is a big attraction to many renters.
4. Be pet friendly
Figures suggest that up to half of all Millennials own a pet, so it may benefit you to be flexible about renting to pet owners. It’s OK to exercise some caution – you might prefer to let to someone with a well-behaved cat rather than five large dogs!
5. Allow home working
Around a third of Millennials are believed to run their own business - and lots of them will have started out based at home. The benefit of this type of tenant is they’re more likely to be long term tenant, as when they move, they will be moving their business too.
Many that are full time employed will opt to work flexibly when they have the chance. In both situations the tenant is expected to seek permission from the landlord. Provided the type of work they do won’t cause any damage to your property, it makes sense to allow them to work from home.
Other things that can make your property stand out to a Millennial include a concierge service, outside space, bike storage and ‘green’ initiatives such as solar panels and recycling facilities.
A final note is that Millennials are said to be more mobile than previous generations - so even though you have successfully attracted an excellent tenant, be prepared for them to announce suddenly that they are moving to work in another country!
If you are looking to buy or convert an existing property into a HMO (house of multiple occupation) in other words a house or flat share, then talk to our in-house expert, Adam Seal about how we can help you.