In recent years, Millennials have become the dominant demographic in the rental market. With the younger generation starting to rent houses and apartments, landlords need to meet their demands.
The main reason Millennials are renting properties more is rising house prices. The question is: what do renters want and how can landlords meet their needs?
Who Are Millennials?
If a person reaches the age of 18-25 in the 21st century, they are a Millennial. Pet-friendly properties are sought after, as many Millennials own pets and find it hard to rent a property. They enjoy spending time outdoors, so a garden or balcony is a plus. You could also ensure your property is eco-friendly to save on energy bills.
Why Do Millennials Rent?
The most obvious reason is house prices are too high, but there are other factors too. Millennials are building their careers and need the flexibility to move for job opportunities. They also enjoy not having to worry about maintenance issues and repairs.
In many cities, renting has become cheaper than buying a property. Millennials’ salaries are often too low to get on the property ladder, so renting proves to be a popular option.
Previous generations saw renting as a short-term situation until they could afford to purchase a home. However, Millennials are regarding renting as a long-term plan and are seeking properties with long tenancies.
Advice for Landlords
The first thing to mention is that whenever you’re renting a property out, you should perform an inventory check. You can find Property Inventory Software from https://inventorybase.co.uk/.
Millennials are tech-savvy and prefer to communicate by email and text. If you’re including internet in the rental price, then make sure it’s a fast connection. Use online portals for maintenance logs, etc.
Renters are also more likely to consider the decor and other features of the home. This is due to their regarding renting as a long-term option rather than a means to an end. Including white goods is also something to consider.
One of the most important things is to establish a good tenant and landlord relationship. Regular contact, giving the tenant notice if you wish to enter the property and resolving maintenance issues promptly will create a positive relationship.