When it comes to filling vacancies, rental property owners want to attract the most qualified tenants who pay rent on time and stay long term. According to a recent renters survey, a growing number of millennials are renting and are expecting to rent for the rest of their lives. In fact, that number jumped from 10.7% to 18.2% between 2018 and 2020 in the United States.

So, what are the benefits of attracting the millennial generation of renters and how can you appeal to this growing demographic? Our Las Vegas property management team shares insight and tips.

1. Prioritize Design and Aesthetics

Millennials tend to align the look of where they live with their own styles and contemporary design. If you can, focus on open floor plans, bright lighting, and neutral colors that allow tenants to get creative and envision their own ideas within the space.

When staging a vacant rental unit, consider using furnishings with clean lines and modern aesthetics, which could actually help the space look bigger. Keep decorations to a minimum and stay in line with your theme. Mismatching styles and color palettes can be distracting and make the unit seem dated.

Some of the main things millennials look for in a rental are:

• Modern/upgraded kitchens
• Hardwood floors
• Discreet storage spaces
• Minimalism and mid-century designs
• Space-efficient floor plans

RELATED: 5 Pro Tips for Remodeling Your Rental Property

2. Make the Rental Process Digital

It is no secret that millennials are generally tech-savvy and feel comfortable communicating digitally. This generation appreciates a streamlined process that can be done online or through an app, including paying rent, submitting maintenance requests, and talking to their landlord.

There are several apps and platforms that can help you create an easier way for your tenants to do these things. However, it can be hard to choose the right one and configure it to your needs all on your own.

If you are considering working with a property management company, you will have the advantage of using their technology and software to make the process more efficient for your tenants. Experienced property management companies utilize the most cutting edge and up to date digital marketing strategies to help market your rental vacancies. By digitizing the entire rental process, you give yourself an edge over the competition when it comes to millennials.

3. Promote Energy Efficiency and Eco-Friendliness

Much more than previous generations, millennials place an emphasis and high importance on things that are beneficial to the environment. If you have energy-efficient appliances or practices in your rental property, it is worth it to promote that when marketing your rental property if the goal is to attract millennials. Examples could include:

• Energy-efficient appliances and lighting
• Eco-friendly landscaping and watering schedules
• A tenant recycling program
• Secure storage areas for bikes
• Accommodations for electric vehicles
• Use of biodegradable or chemical-free cleaners and pesticides
• Reducing the use of plastic on the property
• Going paperless

Some of these options are more of an investment than others, but they can go a long way in appealing to millennial renters.

4. Market the Location and Neighborhood

Another important thing to remember when marketing to millennials is to include detailed information about your property’s neighborhood and the perks of the location. Millennials want to feel proud of where they live, and a big part of that is what is available to do and see in the surrounding area.

Millennials are also looking for convenience and want to be close to the essentials such as restaurants, bars, entertainment, grocery stores, gyms, and other cultural hotspots in the area. Be sure to include things like local farmers’ markets, dog parks, hiking trails, and proximity to major landmarks in your marketing material if you want to make the biggest impact on this generation.

5. Allow Tenants to Have Pets

Along with millennials come their pets! At 32%, millennials represented the biggest share of American pet owners in previous years and that trend appears to continue. They are looking for rentals that will welcome their furry friends. By accepting pets and making special accommodations for animals, you are more likely to appeal to this generation of renters.

On top of allowing your tenants to have pets, consider adding some amenities on your property to help pet owners. Dog runs, walking paths, and complimentary doggie waste bags are things that millennial pet owners value and will look for when hunting for their next apartment or home rental.

6. Create Community Gathering Spaces

Millennials are also interested in areas where they can gather with friends and family. They want a place to live that offers the convenience of community spaces right on the property. Areas including a clubhouse, pool, BBQ, picnic space, and business centers where this generation of renters can host gatherings, socialize, or work are of high importance.

Why Appeal to Millennials?

The millennial generation is really one of the most significant renting demographics of importance as they generally are not in a rush to own a home. With more student loan debt than any previous generation, millennials are less than eager to dig themselves into more debt by purchasing a home. Instead, they are ready to rent long-term.

With the rising number of young professionals hunting for the perfect rental accommodations, landlords are marketing to this group more aggressively. Appealing to this demographic means more options to rent to more qualified tenants who plan to stay for a longer period of time.

Working With a Professional Property Manager

If you need help with marketing your rental vacancies to millennials or upgrading your property to make it more attractive to this generation, working with a property management company can help you streamline the process.

Black & Cherry Property Management has been working with Las Vegas and Henderson property owners to provide the best service for both landlords and tenants. By making a few adjustments to your rental property and changing your marketing tactics to target this sought-after group of renters, it can help you appeal to millennials and ultimately improve your rental income and retention rates. Contact our property management team today to see how our services can help!