How to please millennial tenants

Plenty of millennials have decided to rent for almost their entire lives, some even going as far as buying investment properties over buying a house for themselves. Plenty of young buyers opt to buy investments suited to tenants and continue to rent themselves to maximise their first purchase. Some millennials have given up on the property market entirely and have decided to invest in other endeavours. This is great news if you’re already a landlord: the emerging market for you is the millennial! Here’s how to please your new, younger demographic:

Be a bit more relaxed with the rules

If you want your young tenants to stay long term, then it’s best to give them options to make your house their home. If they want to hang art on the walls, prepare the walls with hooks or oblige them when they ask if they can hang their favourite pieces. If that’s too much, then suggest temporary hooks that they can remove when they leave. Also, consider accepting young tenants with pets if they apply with one: many millennials who plan on renting for several decades don’t want to wait to get a fluffy family member. So, being relaxed with pets will definitely get you some brownie points with young renters.

Have the extras

Gone are the days of settling for the bare necessities, if millennials are looking for a long-term home, they want the lot. Things like air con, outdoor entertaining areas, and energy saving features are a big plus to young tenants and they’ll be more likely to rent from you long-term if you offer these extras. With internet searching being the dominant way to advertise rental properties, it’s very easy to compare all the available homes and calculate which property has more value for money. The best outcome you as a landlord could hope for is great tenants who will stay in the property for several years. To achieve that, consider re-vamping your property to cater to the emerging market in the rental industry.

Prepare your online listings

We all know that millennials are very tech-reliant and are used to high-quality websites. That means that you can no longer get away with a bare-bones approach to online listings. Previously, your property manager could upload amateur photos with a minimal description online and your home would get rented. But millennials are less likely to apply for a rental property if the photos are sub-par and the specifics are not included there. If you invest in quality photos by a professional real estate photographer and provide as much detail about the features your property offers as possible, you’re more likely to peak younger applicants’ interest. The best part is you only have to bare this expense once – you can save your new photos for the next time you have to list your rental property.