Top Ideas to Attract Millennial Renters at Your Rental Community
Date Written: 01/24/2023
Last Updated: 01/24/2023
According to the latest statistics, the millennials’ buying power has grown significantly in the last few years, and they represent a great opportunity for rental property owners. Their buying power is valued at $2.5 trillion, and they make up one-third of the current rental market. So, if you're looking to attract new renters, particularly millennials — this blog post is for you! We will cover some of the best ways to attract new renters for your millennial apartments.
1. Focus on Online Marketing
Millennial renters are tech-savvy and use the internet to find rental properties. They tend to search for apartments on websites like Zillow or Craigslist and often turn to social media channels for advice from their friends and family about renting. To target this demographic, you should focus your marketing efforts on online platforms that make it easier for them to find information about your rental community. You can do this by creating a website for your property and optimizing it for mobile devices, as well as setting up social media profiles on popular platforms like Facebook, Instagram, and Twitter.
2. Integrate High-Tech Amenities
With a connection to being a tech-savvy demographic, many millennials are looking for rental properties that offer modern amenities. Smart home systems, such as Nest thermostats, and access to high-speed internet are just some of the features they appreciate. Additionally, having amenities like a fitness center or pool can give your property an edge over other rental properties in the area.
3. Promote Renters' Community
Gone are the days when rental properties are just a place to crash after long days at work. Millennials are looking for more than just a place to live — they want to be part of a community! Promoting the social aspects of your property and encouraging renters to get involved in events, such as outdoor movie nights or barbeques, can help create a sense of belonging that millennial renters are looking for when choosing their new home. You can also opt to provide them with a space where renters can meet and interact with each other, such as a community lounge or game room.
4. Utilize Property Management Software
It's no secret that millennials are used to convenient technology solutions in their everyday lives, from food delivery apps to ride-sharing services like Uber. To make things easier for tenants, you should consider utilizing property management software, like ExactEstate's, to give them the ability to pay rent online and submit maintenance requests without ever having to leave their homes. This is a great way to make your property more appealing to millennial renters and can help you save time when it comes to managing maintenance tasks and collecting payments.
5. Maximize Social Media Engagement
Social media is an integral part of the millennial lifestyle, so it's important to make sure your rental property is engaging with potential renters on popular platforms. Create content that speaks to this demographic and encourages them to interact with your brand. Share updates about events happening at your property or give advice on how they can make their apartment feel more like home. You can also run contests and giveaways to reward your followers and encourage them to spread the word about your property.
6. Sell Your Location
Aside from indoor amenities and features of your rental property, millennial renters are also looking for outdoor features as well. Being near attractive areas like parks or waterfronts is a great selling point for millennial renters. Make sure that you emphasize the location of your millennial apartments and the attractions and activities nearby.
You can do this by including some of the best places to visit, eat, or shop in the area on your website. You can also create blog posts about the neighborhood and share them on social media to give potential renters a better idea of what life at your property is like.
7. Showcase Social Activities and Events
Millennials are more likely to rent a place if they can envision themselves living in it. This means providing them with visuals of what life would be like in their new home. To do this, you should showcase social activities and events that your property has held or will be hosting in the near future. You can upload pictures on your website or post them on Instagram to give renters a better idea of what they can expect when they move in.
In addition, nearby spots where renters can go to explore the culture and entertainment of the area should be highlighted. This will help make your millennial apartments stand out from others in the surrounding area and can make it easier for millennial renters to choose you over competitors.
From bars, nightclubs, and restaurants to parks, movie theaters, and shopping districts — make sure you list all the attractive features that your property has to offer.
8. Consider Making Your Property Pet-friendly
Another way to market apartments to millennial tenants is to consider having your property be pet-friendly. Millennials are more likely to move into a property if they're allowed to bring their furry friends along! According to statistics posted by Zebra.com, 76% of millennials own a pet. This could be another great way to attract this demographic and make them want to rent your apartments.
9. Offer Free Social Activities
Millennials tend to be easily bored and are looking for exciting experiences, so offering free social activities is a great way to draw them in. Offer yoga classes, movie nights, or community potlucks — anything that involves some kind of interaction between the renters. Dancing classes, cooking classes, as well as art and music classes, are all great ideas.
You could also offer discounts or freebies at local restaurants, cafes, bars, or stores. This will make your property stand out as a place that promotes social interaction and help you draw in more millennial renters. Talk to some of the local business owners and see how you can partner up to provide your renters with discounts and exclusive offers.
10. Offer Free WiFi
It's not necessary to have a WiFi connection for all the rental units, but offering it as an amenity will definitely help you draw in millennial renters. Having free WiFi will make your property stand out and help millennials feel more connected to the world, which is something they all crave. You can set up a secure network that all the tenants will be able to access in your communal areas, such as the lobby or lounge.
However, if you want to consider having all units connected to a WiFi network, you can offer it as an additional amenity that millennial renters will be happy to pay for. You can assist them in setting up their own networks or have a company do it for you. This way, they don't have to DIY and won't have to worry about complications.
The Bottom Line
Millennials are a big demographic in the residential property rental scene and it's important to know how to market your apartments to millennial renters. By following the tips above, you will be able to make your property stand out from the competition and attract more millennial tenants.
If ever you need property management software to help you manage your rental property, look no further than ExactEstate. We are your one-stop shop for all things property management — be it accounting, tenant screening, and more. Request a demo today to see how ExactEstate can help your business.