Apartment Investors: Attract Millennials With These Amenities

If there were ever a person to target when it comes to property investment, it’s the millennial. Usually unable or unlikely to get a mortgage, the millennial is quite content in renting an apartment or property that they intend to stay in for years. This is good news for investors because it means you don’t have to deal with vacancies and you’re more likely to be able to renew contracts quickly. So, how do you attract these magical beings called millennials?

Be Pet Friendly

Around 90% of millennials are renters and close to 60% of those own a cat or dog. So, it’s fair to say that millennials love their animals. Therefore, if you’re an investor that’s set on having strictly ‘no pets’ rules, you may miss out. If you’re worried about damage to your properties, ask your renters for an additional payment that will be returned to them upon inspection of the property when they choose to leave. This way, you don’t miss out on a large proportion of renters and you’re covered if any of the pets were to cause damage.

pet friendly

Modern and Spacious Kitchens

It’s often hard to find properties with spacious kitchens, but the average millennial cooks up to four times a week. It’s a generation that has become far more health conscious than their predecessors, so a kitchen space is an important detail. If you’re thinking about slacking on the kitchen and leaving it as it is, you may find you lose out to your competitors. Making simple changes, like replacing worktops and painting cupboards can make all the difference to a millennial.

Wood Flooring

You don’t have to be a millennial to know that life is hectic. But, as the generations pass, life does become more challenging, more competitive and more time consuming. So, as well as looking good, a wood floor is also a practicality. It’s the easiest type of flooring to keep clean, especially if there’s pet around, it’s the best kind of floor for allergy sufferers and it gives anyone moving in a clean slate to decorate, unlike carpet.

innovative design

Innovative Design

An apartment is always more attractive if it comes with something unexpected. Millennials like to be unique, so if you can offer something no-one else they know has got, you’re ahead of the curve. Take a look at what Joe Nahas did for some apartment owners. Could you design a garden? Perhaps you can offer around the clock security or smart controls for gas and electric. Always try to stay one step in front with innovative ideas.

Online Payments/Renting

There isn’t much you can’t do online these days and millennials really make the most of it. Sadly, the real estate industry is falling behind. If you’re still using paper contracts and bank transfers, you may be missing out on millennial renters. Don’t worry, you can still get renters to sign an agreement online and there are plenty of resources that can help you to keep track of rent charges and receive payments, like RealPage.

Attracting millennial renters and buyers isn’t hard when you know how.

0 comments:

Post a Comment