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Renting to Millennials: 10 Facts You Need to Know

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Millennials consumers are here to stay, cementing themselves firmly into every retail market––including housing. Your newest renters are different from their predecessors. Here are 10 things you need to know.

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Renting to Millennials: 10 Facts You Need to Know

  1. 1. Millennial buyers are here to stay, cementing themselves firmly into every retail market—including housing. Your newest renters are different from their predecessors. HERE ARE TO THINGS YOU NEED TO KNOW. They love their furry friends. MORE THAN 76% of Millennials own cats or dogs. Pet—friendly rentals help ensure you don't just attract 24% of this market. The average Millennial drove 23% LESS in 2009 than in 2001- the sharpest reduction for any age group. Lack of bike storage could be a deal breaker for the 2-wheeled commuter. - u u u - u o - u - u - u - - o - o - o - o - o o o - o - o - o - o - o - o - o - o u o - - o o o . - 10.8 MILLION Millennials have children and are looking for rentals to fit their lifestyles. Millennials dined out 1 night less per week in 2012 than they did 5 years prior. Modern, T updated kitchens can be a huge selling point for the 61% of Millennials who enjoy cooking. They like giving hack to the community. o u s - . - a u . - a u a u - - o c - c u o u c u c - c - c a c a c - u - c - c u c - - o c - o u - o o o o - o o s o o o o - n u n - n u - - a - o - o - s - on L2 1 in 3 will boycott or support businesses based on the causes they care about. ) 4 in 5 are more likely to purchase from o . _ companies that support causes they care about. 63/0 of Millennials donate to charities and prefer 3 in 4 think more highly of companies that companies that do the same: support social causes. Seeking ways to help your local community enhances your attractiveness to younger renters. They rarely write a check. Help them pay their rent on time by giving 22% of them options for Millennials making payments. have never 38% of them prefer written a to pay online. physical check. Millennials want to feel safe where they live. 76% reported safe streets Q as a No.1 priority for metro dwelling. E E Providing security amenities. such as security cameras, can boost your bui| ding’s secure image. They're talking about you. They're more likely to share the bad than the good: Share bad 0 95/3 experiences 0 5/7 0’ , _ _ OX3:/ grifcs than 75% of Mrllenral renters base their decisions on ratings and reviews. Relying heavily on word of mouth. more They text everything. 1 Millennial = 20 texts/ day Property managers who are easy to reach via text can help save occupants time and effort. offering various options to keep the young generation happy. And you do want those good reviews, right? Sending someone now! v They need fresh air. Many Millennials living spaces equally to indoor lounging areas. v Providing communal outdoor socialization spaces can help business boom. SOURCES: Apartrrtcntscom I Pew Research I Landlord Property Management Marketing Charts Planning Lowc. -s l MrlIr, annra| MarkCtrng FMI l USA Today l Triplc: Pundrt l lssuu
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Millennials consumers are here to stay, cementing themselves firmly into every retail market––including housing. Your newest renters are different from their predecessors. Here are 10 things you need to know.

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