If you are a property owner looking for ideas to attract more residents to rent at your building for the highest possible rent then it is a good idea to know what millennials will want when renting an apartment, . The millennials are a subject of interest for all business owners related to any industry. What sets you apart is their love for apartments. You are offering a product that everyone needs now let’s make it what they want! For the most part it may only take slight changes to make Millennial’s happy, and you to have a thriving business.
As the workforce is witnessing the entry of more and more millennials, it has become imperative to sell your products and services to this particular market. But since you have been prepping your apartments for the older generations, attracting millennials requires some change.
Here is a list of things that millennials look for in an apartment:
1. A Smart Place
Millennials are all about technology. They love absolutely everything that has a techno-vibe to it. Therefore, you must make sure that your apartment
does not fall behind. Installing items like Alexa or Google home is a very good start. Try putting in the Nest Thermostat that can learn your motions and schedule and adjust apartments temperature or be turned up or down by an app before you get home. Many really like the doors that only require a code and no key to open the front door. With the keyless entry you can also give out an individual one time code for work that needs to be done or a permanent code can be given to a friend, family member or even the pet sitting for your four-legged friend.
A home security system in each apartment is one way to make millennials feel more secure and safe within the house. Many tech startups are focusing on seamless home security, such as SimpliSafe, with its modern yet minimalistic look it is almost unnoticeable. Moreover, make sure that they can get access to a fast and reliable internet that allows them to shop and surf conveniently from their peaceful abode or you will never hear the end of it.
2. A Better Tomorrow
Energy efficiency is a huge deal for the millennials. With depleting resources, millennials have become fearful about what the world will become in the coming years. Hence, as a property owner, you must make sure that the practices used in your building are friendly towards the environment. Apart from using energy-efficient lights around the house, you should also try and incorporate a recycling program, energy efficient appliances, low flow toilets and shower heads, sensors that turn off water in the rain, photocells on outside lights so that they do not turn on until actually needed.
Do as much as possible paper free (go paperless). Millennials love the convenience of an online portal or app, considering they use banking, grocery shopping and stay in contact with friends and family through smart phone apps. The Federal Reserve and other financial institutions predict paper checks will no longer exist due to the decline from millenials, 58% of this demographic never use checks and most likely don’t know how to fill on out. Make sure that apartments are well insulated if possible and that doors and windows are sealed properly for energy efficiency.
There are many other things you can do to preserve our earth but be sure to use your Environmentally friendly building in your advertising and communication so that residents and prospective residents are aware that you care about their environment.
3. More Options
Rather than focusing on giving your millennial renters more rooms to be in, try to provide them with a little more freedom. Millennials are all about having more choices therefore are pretty happy when that gives them a chance to use their imagination in their own home. Leave it up to them to choose their own colors and back splashes or accent walls or ability to put a chalk wall up. SKY has been putting in a decorative fireplace (less than $500) that looks very real especially with a mantel over it if the renter chooses to have it or offering a wine fridge for renewals. Because it is impossible to give a renter ability to change the apartment footprint be realistic and give them control of what you can. Options are considered to be ideal for this generation of renters.
4. Resident Events
Whether you have a movie night over the pool, a wine tasting in the lobby or trivia night a the manager’s house or club room, millennials seem to really love to get together. Many cities have monthly events, for example many arts districts in LA have a monthly Art Walk and have parties for their tenants with appetizers, drink and local artwork with live music. Any resident event contributes to the longevity of tenants, they are more likely to extend a lease when they have a sense of community with neighbors that become friends. Since a considerable number of individuals from this generation work from home, having a place outside can be very helpful. At SKY we try to make places for residents to sit and relax in our courtyards, backyards or pool are and go to a lot of trouble to make it comfortable, cheery and utilitarian. We put in propane or gas BBQ’s and make them easy to use. The point it to make the most of your space and then encourage your tenants to use by making it easy and comfortable.
5. Effective & Quick Communication
Millennials are extremely practical and therefore need to be able to communicate quickly. A good property management software will help you do that. Residents can pay their rent, enter a work order, set up a time to have work done and even leave comments or tell us if they are happy with the work all in one location at SKY. We try to be available as possible and really care that work orders and problems are taken care of quickly and just the fact we care can make all the difference but a advanced software to help keep track of everything is a great tool.
As a property owner, you must realize that the millennials form your next biggest market and therefore you must make sure that the apartments you own are equipped with many of the features this generation looks for. When you think about what you can do I am sure you will come up with solutions and ideas that can put your building at the top of your market. SKY has put washers and dryers in our units if plumbing can accomodate or there is room in the unit. We have made our outdoor areas pop with comfort and color and even unique furniture or decorations.
Please email me your ideas or questions!
Kari@SKYprop.LA or go to my website: SKYpropertiesinc.com for ideas and information.