- Pet-friendly properties are desirable to millennial renters as many view their pets as part of the family.
- High-speed internet is a must for millennials who rely on streaming services such as Netflix, Hulu and Amazon Prime Video.
- Swimming pools provide an escape from the summer heat and give them a place to exercise without having to leave the building.
- Smart home technology adds convenience and comfort while helping renters save money on energy.
- Community events appeal to millennials who want to get involved in their community.
Millennial renters are a different breed. With their ever-changing needs and expectations, they can be difficult to please. As a rental property owner or manager, it’s important to understand what millennials look for in a rental home and what amenities they expect when choosing a place to live. Read on to learn about five common rental property features and amenities that millennial tenants want.
Millennials love their furry friends, so it’s no surprise that pet-friendly properties have become increasingly popular with this demographic. Many millennials view their pets as part of the family, so having an apartment or house that allows them to bring their furry friend along is extremely important. It’s also important to remember that pet owners are often more willing to pay more for rent if it means they don’t have to worry about finding another place for their pets.
The internet has become essential for work and entertainment, which makes high-speed internet an absolute must for many millennials. This generation is used to having access to fast streaming services like Netflix, Hulu, and Amazon Prime Video, so anything less than fast internet speeds can be frustrating and unappealing. Having reliable Wi-Fi in your rental property can make all the difference in attracting millennial renters.
Millennials are known for their sense of adventure and the need to stay active. Having a swimming pool onsite is a great way to appeal to their needs while adding value to your rental property. A swimming pool can provide tenants with an escape from the summer heat and gives them a place to exercise without having to leave the building or take a trip elsewhere.
Relatively, millennial renters are also quite concerned about their overall environmental impact. As such, organic alternatives for swimming pool maintenance, such as low-chlorine, saltwater pools, and natural pool filtration systems, can also prove an effective way to lure in environmentally conscious millennials. Avoiding harsh chemicals as much as possible is always a plus!
Smart Home Technology
Smart home technology is becoming increasingly popular with millennial renters as well. Smart thermostats, automated lighting systems and voice-activated assistants like Amazon Alexa are all seen as desirable features by this demographic. Smart home technology adds convenience and comfort while helping renters save money on energy. It’s also seen as an investment in the future since these technologies will only become more commonplace over time.
Community events are a huge draw for millennials looking to rent a place. Millennials understand the value of community and often prefer living in an area where they can meet their neighbors, mingle with locals, and get involved in meaningful activities. In most cases, they like community events such as:
Local Music Festivals & Concerts
Millennials love music festivals and concerts because they allow them to explore new genres, discover up-and-coming artists, and listen to their favorite bands in an immersive environment. Millennials also appreciate the social aspect of live music events—it’s a great way to meet new people with similar interests or reconnect with old friends.
Food & Drink Events
Food and drink events allow millennials to explore different flavors and cultures while enjoying the company of those around them. From food truck rallies to beer tastings, these types of events allow millennials to try something new while supporting local businesses in their community.
Outdoor adventures allow millennials to get out into nature and explore their local area fun and excitingly. Whether it’s hiking, camping, biking, or kayaking, outdoor adventures offer millennials the opportunity to unplug from technology for a few hours and engage with the world around them.
Community Service Projects
Community service projects have become increasingly popular among millennials who want to make a difference in their communities. Many organizations host volunteer opportunities ranging from beach cleanups to urban garden projects where millennials can learn more about environmental stewardship while helping others in need.
Millennials come with unique needs and expectations compared to previous generations of renters, meaning landlords must stay up-to-date on what this demographic looks for to remain competitive in the market!
Pet-friendly properties, high-speed internet access, smart home technology, amenities such as fitness centers and pools, plus engaging community events are all features that appeal significantly to millennial tenants looking for somewhere new to call home! Understanding these features can help landlords better meet the needs of today’s renter base—and create a successful business simultaneously!