Marketing and media are focused on reaching the right audience. Millennials are the generation born between 1981 and 2001. They may be recent graduates or just at the top of their career. They’re moving to cities in order to find new opportunities and learn new things.
Let’s face it, if you own an apartment in a big city, your primary renters are them. It’s time to get to know them!
Millennials care about:
1. Personalization
Younger Millennials want to move out of their parents’ or shared housing in order to be able own their space. Consider inviting your next tenants as a helper in any renovations. Ask them to give their opinions about flooring and paint samples. You may feel more at home and they will be more likely to take good care of your property.
2. Flexibility
Many millennials choose to rent because of the freedom it offers. The option of ‘renting for life’ has become increasingly popular. Many millennials are opting to pursue self-employment, and prefer to live in cities even after they have children. Renting a small unit allows them to be flexible and can allow them to live in their own way.
3. Community
Studies have shown that millennials prefer the city centers because they are closer to their families, friends, and work. They are moving out of the suburbs less frequently and have decreased security and privacy being a priority to them.
4. Communication
The millennial generation is used to being able to text a friend and receive a reply within minutes. If you’re a landlord that has a quick response time between 8am-8pm, you’ll stand out from the rest. Also consider giving them a texting phone number instead of a landline!
These are just some ways to appeal to millennials. Try shaping your business to cater to this group and you’ll be more successful attracting them to your properties!
