Many young adults are choosing to rent instead of purchase homes. This may be due to transitioning out of college and into the real world or not yet prepared to purchase a home on their own. Or, it could be due to the recent downturn in the economy. A good portion of the rental market consists of younger adults, which is a good reason to do your best to attract them to your property.
Focus on High-Tech Features
The younger generation is extremely into tech. Not only is tech something that they grew up around, but it is also something that many of them work with on a regular basis. This does not mean that you need to install the latest refrigerators in the rental property. Instead, you should make their experience as easy as possible. That can manifest itself as an online portal for rental payments instead of requiring a money order, a great fully functional website, and paperless communication options. If you do want to add some tech into the rental unit space, you may want to consider installing USB ports that can be used to plug in devices around the property.
Provide Environmentally Friendly Options
Lots of young adults are choosing to make smarter choices when it comes to the environment. They do this both at home and at work. If you want to attract young adults to your property, then you need to make sure that they have options to be environmentally friendly. This includes providing recycling bins, using environmentally friendly light bulbs, composting, and more. If you do not have the option to do all of these things, you should at least try to incorporate some of the main components so they can do some good for the world in their living space. This may be a selling point for many young adults.
Make Sure It Is Low Maintenance
Young adults do not want to spend a lot of time taking care of the yard or maintaining the property in general. If you do have a property with a yard, you may want to consider getting some property management to maintain everything outside so that your renters can enjoy the property without being burdened by any upkeep. This is a major selling point and a great philosophy for attracting young renters. The low maintenance benefit is something that also helps with the choice between renting and owning a home. Because of this, you should make it a priority to take care of the maintenance.
Attracting young renters is not that difficult if you put yourself in their shoes. Think about what they want and then provide it. This list is a good start to attract young adults, but there are many other things you can do, like provide flexible lease terms, pet-friendly options, multi-functional rooms, storage options, unit separation options, and much more. This is just the beginning, and young adults as a target rental market is not going away any time soon, which is why it is important to make this a focus now.
About The Author
Caroline D. has worked in the marketing and real estate field for over 2 years. She studied marketing and public relations during her undergraduate career. She currently works at a large consulting firm in the human resources capacity. Previously, she worked in the business, human resources, and agriculture field at a pest control company. While working in real estate, she had to research and learn much about the industry. She has been writing for real estate for several years and has written on topics such as buying tips, importance of insurance, and much more.
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