Real estate remains one of the best long-term investments for entrepreneurs. Whether you want to rent out your current property or you already own multiple rentals, it’s key to stay up-to-date on the latest trends.
If you’re looking for new ways to increase profits, focus on your target market. Millennials make up the largest demographic of renters in the country and they’re renting for much longer than their predecessors, meaning their demands are more nuanced than ever before. Are you keen on attracting high-quality millennials to your property? These are the top tips for making your rental stand out from the rest.
Location is key
Millennials like to work hard and play hard, and many want to live in a metropolitan area. Many renters want to be near the hustle and bustle so they have easy access to both work and nightlife. Locations that are close to bars, restaurants, nightlife, and other activities appeal the most to millennials.
This generation is also renting well into their late twenties and early thirties, so many of them are still renting while they settle down. Rentals near schools, hospitals, and other amenities are becoming more popular as they save money to buy a home. When you advertise your rental, make sure you highlight the best parts of the area, from bars to hospitals and everything in between.
This generation grew up more socially and environmentally conscious than those before them. As a group, they’re more likely to include themselves in efforts to improve the environment. The media has made them more aware of pollution, environmental waste, depleting resources, habitat destruction, and diminishing wildlife.
You can attract more millennials by installing energy efficient appliances in your rental. Washers, dryers, dishwashing machines, refrigerators, and toilets are just a few of the appliances you can replace to save more water and electricity. When you install eco-friendly technology in your home, everybody wins—your bills are cheaper and so is the rent. You can also increase your curb appeal by landscaping a drought-resistant yard, called xeriscaping. Install native plants to your region to enrich your yard and save water. If you live in an arid climate, this includes colorful succulents, desert flowers, brush, and cacti. Not only does this look more natural, but millennials will recognize your effort to be environmentally-conscious.
Millennials are more likely to live together than other generations. Groups of two to four roommates are common in rental properties, and they want more communal space to share with each other. They desire community, so properties with basketball courts, outdoor grills, and pools are desirable. If your property has its own yard, make the outdoor space as open as possible so they can utilize it how they please. If you don’t have space for these activities, highlight that your rental is close to other areas of entertainment.
Screen Your Tenants
Now that you’ve renovated your property and you’ve drawn a variety of candidates, it’s time to pick the right one for you. To make an informed decision, browse online for background checks and credit reports for landlords. These reports offer a comprehensive look at an applicant’s financial and criminal history, so you can choose a reliable candidate. Look for high-quality tenants with a steady credit history, consistent income, and little to no criminal record. These tenants are more likely to take care of your property and pay the rent on time.
If you want to increase your profits as a landlord, start by appealing to your market. Millennials know what they want in their rental, so it may be time to make some changes to your property. Whether it’s picking a prime location, installing eco-friendly appliances, or beautifying your yard, implement these tips to attract the best tenants for your property.