Updated March 9, 2023
As a group, millennials (including "affluent" millennials) have been moving away from homeownership and towards renting. We'll have to wait and see how long this trend continues. Still, in the meantime, property owners can benefit from millennial-friendly rental homes to capitalize on this group and generate more revenue.
While some joke that millennials are all living with their parents, the numbers say otherwise: millennials are a powerful force in the rental market.
So, what are the best ways to target millennials as you prepare and market your rental? Keep on reading to find out.
1. Remove the Obstacles to Renting
Millennials see the world—and the opportunities in it—as being at their fingertips. So if they need information, they go to the internet first (like most people).
However, unlike everyone else, that's been their primary way of getting information—particularly during their formative years. How does this apply to how you rent to them? If you put obstacles between a millennial and something they want, they will likely head to your competitor.
The best thing to do is to get rid of—or modify—anything that could make them think twice. Here are some things that could keep millennials from choosing your homes for rent in Charleston, SC.
Old-School Payment Options
If you're still expecting a "rent check" every month, you're missing out. Millennials like to pay their rent by whatever means is easiest—and secure. Offering options to pay the rent online means you'll attract more tenants.
Listings Without Enough Photos
If you're over the age of 35, think about how often you looked at pictures on your phone when you were 21. Did you even have photos on your phone when you were 21?
For millennials, seeing is believing: they demand photographic proof of nearly everything—so give it to them. High-quality photos of your Charleston rental property are a plus.
Again, think back to when you were 21—how many texts did you send in a day? If you called someone, how long did it take them to reply? If it took more than a certain amount of time, did you find yourself getting frustrated?
Well, take the time it took you to feel frustration and cut it in half—and the amount of frustration you felt and double it—and you are on your way to understanding how millennials feel when it comes to poor communication.
The solution? Step up your texting, emailing, and phone game: lack of communication is often the biggest obstacle to winning business. Communicating "millennial-style" will help you earn both their trust and their business.
2. Provide Extra Amenities
Some people believe that millennials have had everything handed to them on a silver platter by their hard-working parents. Well, whether that's true or not, they're kind of right: millennials have had it easier than generations before, and that's what they're used to.
So, providing millennial-friendly amenities can be an excellent way to attract these renters to your properties. These amenities can include:
In-unit appliances: Millennials hate wasting time on chores when they could be doing something more productive. Make it easier for them to do their laundry, and you'll be one step closer to closing the deal. Nothing screams "convenience" like doing your laundry at home while watching Netflix.
A gym: It doesn't have to be an elaborate outfit with a pool, but if you give millennials a viable workout option, the rental deal might work out, too.
Bike storage: Millennials are health nuts; just look at the explosion of the health industry! They love riding their bikes. A dedicated storage area or facility shows them you respect their lifestyle.
Social or common spaces: Although millennials may not speak to each other when they're face-to-face, they love being anti-social in front of other people. Give them space to not interact together, and they'll feel more at home.
Pet-friendly rental options: Research shows that 76% of millennials own pets. So, when you open your property to pets, you speak true millennial. Some millennials are even putting off having children in favor of their furry friends. Not only will your pool of tenants expand dramatically, but you can also charge pet rent.
While this might sound like a lot of work to find more millennial renters for your properties, you'll probably find that many tenants in general (regardless of their age or generation) look for these amenities, too! Adding these perks to your properties can help you find better tenant options in general.
3. Hire a Property Manager
Experienced property managers in Charleston have cracked the code many times over when it comes to hacking into the mind of a renter of the millennial generation. So, if you're afraid you're missing out on these valuable tenants, the right property manager can help you showcase your Charleston rental property as the ideal home.
From helping you add the most appropriate amenities to your properties to setting the ideal rental rate so you maximize revenue, the best property management company Charleston offers can make your millennial marketing plan easier—and help your rental property generate the long-term wealth that makes real estate investing so desirable.
We Can Place Better Renters in Your Homes for Rent In Charleston
If you're renting out a home in the Charleston area, reach out to Charleston Property Company! We know what it takes to market to one of the largest rental demographics in South Carolina. We also provide a full suite of property management services to ensure renters stay happy and you reach your financial goals through real estate.
To start, request a Free Rental Analysis and learn what you should be making from your property!