Millennials are the number one consumer in rental properties. It's important to understand this population’s interests in order to know what amenities to offer and how to make your building more attractive to millennial renters.
We often hear that millennials are inherently social. On-the-job, they reportedly prefer co-working spaces that come with myriad networking events to traditional cubicle offices. They are tech savvy and intricately versed in social media; they’ve used it their entire lives. But it’s not just about shared workspaces, developers of new buildings often create communal spaces to appeal to these trends, and we are seeing a rise in co-living communities. Millennials seek these social atmospheres and love to have access to technological features that enhance their living and working experience.
Millennials care deeply about the environment. They insist upon recycling, at a minimum (composting is a plus). They want to curb water and electricity usage, look for buildings that utilize solar energy, and enjoy finding new ways to conserve, reduce, and reuse.
As much as these renters enjoy hanging out in person and value community, they also love connecting online and on social media. They prefer to stream shows and games on the internet, so making certain that your building has the option of connecting high speed internet, such as fiber optic, is key to attracting and keeping these tenants happy. The internet is their first-choice tool for everything from ordering food delivery to searching for apartments and even paying their rent. You absolutely must be online to connect with these renters.
While millennials are very social, that doesn’t necessarily mean they want to use their phones to talk, instead, they’ll probably opt to send a quick text message or email (tweet, snap, etc..). One simple solution that addresses a number of these necessities would be a forward-thinking landlord-tenant app such as @RentRedi. RentRedi’s platform was made by, and for, millennials to help landlords and tenants connect better and would be the perfect app for landlords looking to connect with their millennial renters! Suffice it to say...they know millennials. Including this platform is an amenity for your tenants, and the technical features are of immediate benefit for your building’s organization. Some key features to consider with RentRedi are:
- Mobile submitted payments - millennials love being able to instantly take care of their bills through the internet, while you, the landlord, receive payment the next business day.
- Maintenance management - Control and track all maintenance with your tenants. This allows tenants to file maintenance requests without your phone ringing off the hook, as well as keep a history of the work all in one place.
- Lease management - Upload, view, and manage all lease signings through the platform.
- Communication - One of the most important considerations when renting to millennials is being able to have an avenue for communication. RentRedi’s landlord-tenant app allows for easy communication without your family dinner being interrupted by a ringing phone. You are also able to instantly send building-wide notifications regarding repairs or notices quickly and easily.
These are just a few millennial appealing features RentRedi offers, but we haven’t even mentioned what is, perhaps, the best part of their software - the price! RentRedi is only $20 per month (total) with no hidden fees. Whether you are a landlord with a modest portfolio who wants to utilize a software that isn’t cost prohibitive, or you own multiple units, adding an app like RentRedi to your business appeals to millennials with their mobile features that enable tenants to do everything from their phone. You’re able to manage your building more efficiently and your residents can easily pay rent and communicate.
Encompassing your building with some of the aforementioned technological features, thoughtful trash disposal and recycling, and implementing warm and welcoming shared communal areas that facilitate hospitality, are sure ways to attract millennials to your building.