You have a brand new rental property in an up and coming neighborhood, but can't figure out how to attract young and trendy renters to fill it. Studies show that Generation Y prefers to rent rather than buy, making them an ideal target audience for many property managers. That being said, you may need to revamp your marketing style to get the newest generation of renters to check out your listings.Millennials are certainly a unique generation, and new data is showing that they tend to choose apartments differently than previous generations. Here are some actions you can take to get your listings seen, and desired, by Millennials:
1. Boost Your Online Presence The first place members of this generation look when searching for an apartment is online. Not only do they look for internet listings, but many Millennials also rely on reviews and ratings when choosing a company to rent from. This means you should be maintaining social media profiles as well as responding to any online reviews. Many renters are judging your company based on its interactions online.
2. Get Involved with the Community Many Millennials enjoy giving back to the community and opt for companies that support causes they care about. One way you can set yourself apart from competitors is to donate and support local causes or charities. Younger renters will be more willing to do business with property managers that are invested in the community.
3. Provide Payment Options Generation Y is interested in simple banking and money management. They transfer money, pay bills, and deposit checks online. In fact, 22% of Millennials have never physically written a check. Allowing renters to pay online is a great convenience, and could potentially go a long way.
4. Advertise Amenities and Location Apartment complexes are getting more luxurious by the day, which means there is always stiff competition. Be sure to include amenities in your listing such as washer/dryer, bicycle storage, outdoor patio, or fitness complex. Mentioning the unit's proximity to landmarks and public transportation is a big help, too.
5. Allow for Pets According to an infographic produced by Appfolio, over 76% of Millennials are pet owners. Excluding renters with cats and dogs could be severely limiting your pool of potential renters. Even placing a weight limit on pets could bring in more business from this generation.
Follow this advice to make your property management company more appealing to younger renters.