Updated July 7, 2022.
Across the country (not just in Baltimore), millennials have long been heralded as 'the renting generation.' It was assumed (often erroneously) that millennials simply had no interest in owning homes of their own and were happy to keep renting forever. As is often the case, reality didn't entirely match assumption.
As millennials have aged, their taste in and demand for housing has shifted:
The work-from-home revolution caused by COVID-19 led many working millennials to realize they wanted (or desperately needed) more space to successfully host and lead a zoom meeting from home—especially if they had young kids at home due to the pandemic's effect on schools.
Millennials are increasingly shifting from childless adult socialites to parents with children, leading to a greater desire for single-family rental housing with room for a yard—or at least multi-family rental properties with a patio, green rooftop space, or some amenities within a community structure.
COVID-19 also spurred a shift from multi-family, downtown living towards detached single-family rentals that could support social distancing initiatives and reduce the need for public or shared spaces.
Alright, so now you've got a little more insight into what your largest body of renters is subconsciously looking for in a rental home in the Baltimore area: Where does Generation Z play into this?
As the professionals in Baltimore property management, we already know that Generation Z is set to be your next largest pool of renters nationwide as millennials eventually move on from rental housing and into homes of their own. This transition in renting is still occurring between millennials and Gen Z. However, each of them is looking for increasingly similar aspects in their housing.
Before starting families, many millennials were content to eschew roots in favor of ending up wherever the winds of fortune, fate, or fun blew them. Now, they're seeking roots and slowly leaving behind the fear of homeownership from the Great Recession of 2008 that shaped an entire generation of renters.
Generation Z, by contrast, already desired a feeling of community and solid ground from the start. This means that as millennials age, their interests and those of their younger counterparts are increasingly experiencing considerable overlap for those still relying on rental housing.
If you want to tap into this part of the Baltimore rental market, you need to know how to appeal to these age groups as they begin to look elsewhere for housing that meets their needs.
Space to Work, Play, and Grow
If you happen to own and operate multi-family properties in Baltimore, you know this one can get a little challenging. Finding ways to convert or advertise areas of your rental property as office space can attract an increasingly remote workforce to choose your investment property over the competition. However, we know as Baltimore property management experts that what these renters are looking for doesn't stop there!
For growing families, the more bedrooms you have, the better! You'll also attract these generations of renters more readily if you have some form of 'green' space they can use for entertaining and raising their kiddos. Do you have a rooftop deck as part of your downtown Baltimore rental property? Turn it into an oasis that can be used for dining, entertainment, relaxation, and escape. Do you have a private, enclosed garden connected to an attached rental? Amp up its appeal with some planters and greenery. Even something as simple as an old-fashioned backyard is a draw to Baltimore renters looking to escape the 'concrete jungle.'
Of the two, Generation Z especially craves a sense of 'work-life balance,' so catering to this with what your rental property has to offer will draw them in as renters.
Open Your Heart to 'Smart'
These kinds of property additions and upgrades have the added benefit of attracting renters from three different age groups: Gen Z, millennials, and Baby Boomers. They all love technological integration into their homes—even if they weren't all born with a device in their hand.
Safety is also a priority for these renters, so features like smart doorbells, thermostats, USB outlets, motion-sensing lights, and even security cameras to curb porch pirates can be affordable and attractive ways to encourage a new renter in these groups to choose your property.
Permit Pets for More Profits
Millennials may be having kids, but that certainly doesn't mean they're giving up on their beloved pets! For these groups of renters, pets are often part of a packaged deal—and more and more renters have pets than ever before.
Sure, we know as rental property owners that the risks of damages from pets can seem a little daunting—but the rewards are worth it. For one thing, you're more likely to find an excellent renter (faster) when you allow pets into your Baltimore rental property. For another, renters with pets tend to stay in a property longer than other rental groups.
Once they've found a great home, these renters are reluctant to move and start the process of finding a pet-friendly property all over again. This can be your gain as a property owner when you open up your property to pets!
An Expert Can Guide the Way
If you're wondering how you can get your Baltimore rental property to appeal to the largest group of renters in Baltimore, you don't have to do this kind of research alone. You can turn to the Baltimore property management experts at Rentwell!
We know how to market to, find, screen, and place the best renters in Baltimore—because we're the best at what we do! When you're ready to Rentwell, it's time to get in touch with us! Let us put our research skills to work for you in how to appeal to your ideal renters to get your Baltimore property rented faster.