Millennials (18-34 year olds) are one of biggest groups of renters these days; a Rent.com study shows that 8 out of every 10 are renting their residence. Are you capitalizing on this demographic? In order to attract and maintain Millennials, you’ll likely need to make some adjustments and advancements at your property. Here’s what they’re looking for:
Millennials are tuned in to trends, so they’ll prioritize living in a building that boasts contemporary amenities. In the era of technology, offering conveniences such as Wi-Fi in common areas or a charging station in the lobby will allow your residents to happily hashtag without interruption. Millennials are also all about their furry, four-legged friends, so if your building is pet-friendly, invest in some small pet perks on your property to keep both the pets and owners feeling pampered. If you have extra common space available, consider making it a theatre room available for tenants to rent, or create a recreation room with arcade-style games to bring your Millennials back to their childhood and encourage community within your building. Other amenities that may resonate with your residents are a library shelf equipped with community books or magazines, or a coffee machine offering complimentary beverages in the lobby. It’s a small expense that will be a huge convenience to your residents!
Stellar Stomping Grounds
Your neighborhood can be one of the best selling points of your property, and the best part is, it’s no cost to you! What do your surroundings have to offer twenty- and thirty-somethings? Are there stadiums or concert venues nearby? Which local restaurants or bars are popular with the younger crowd? Is there a coffee shop that work-from-home residents could utilize for a change of scenery? Assess your area and mention these local attractions in your advertisements. Also, be sure to note any public transportation conveniences your neighborhood has to offer, as many Millennials are opting to go car-free these days.
Home, Sweet Home
Most Millennials are first-time renters, meaning they’re likely accustomed to the comfort and conveniences of the home they grew up in. While you may not be prepared to play mom or dad, there are steps you can take to make your property feel as close to ‘home’ as possible. If your building is in a college town, you will likely have many renters either still in school or newly-graduated. These rentals may often still be at least partially funded by parents, whose number one priority is ensuring their kids are safe. Investing in on-site security will make your residents feel secure and protected, especially when far from family and friends. Another homelike perk you can offer is an on-site laundry room or a weekly laundry service available to your residents so that they won’t have to lug laundry off-site to a laundromat.
Today’s youth prides themselves on being eco-conscious, and they’ll appreciate your efforts to preserve the environment. Running a recycling program is one of the quickest and easiest ways to take care of Mother Earth. Additionally, having your janitorial staff use green cleaning products instead of toxic chemicals will make your property a healthier place for your residents to live. If you have a significant budget to put towards the cause, consider investing in solar power which will make your property stand out significantly from the rest, and may cut down on costs for both you and your tenants in the long run.
Fit is In
In the era where “selfie” has become an official word in the dictionary, it’s apparent that looking good is a priority for Millennials. Help your residents retain their “instafame” with an onsite gym or workout room. If space for equipment is an issue, allow one of your common areas to accommodate weekly classes that need little to no setup, such as pilates or yoga. Additionally, equip your front desk staff with recommendations for your tenants on local jogging paths or bike routes, and perhaps even provide a bike rack on your property. You may also consider partnering with a local gym to get your residents a discount in exchange for the recommendation.
Do you have any personal tips to share when it comes to marketing to Millennials? Please comment below; we encourage and value your opinion!
Property Managers, did you find this article to be of value? Please share your feedback; we’re writing these for you!
This article was written by Jillian O’Connor (Marketing Communications Manager) for Planned Companies, the industry leaders in janitorial, maintenance, concierge/front desk, and security services in the Northeast and Mid-Atlantic. Catering to both residential and commercial properties, we proudly provide services throughout New Jersey, New York, Connecticut, Pennsylvania, Maryland, Virginia, and Washington DC. For more information about our services, please visit our website at www.plannedcompanies.com or call us at 888-706-8600.