Attracting Millennial Occupants
As millennials continue to make up a larger and larger share of those renting properties, it is important for property managers to take measures to make their rentals attractive to this generation. This blog post provides guidelines on how to do so.
It is widely acknowledged that a huge portion of the rental market consists of millennials, or those whose age falls between 18-34 because many of them are in the up and coming stage of their life. As with each generation, millennials have particular characteristics that affect their lifestyle preferences. Traditional forms of marketing and advertising may not be as useful as they are with previous generations such as Baby Boomers and Generation X. Because of the large amount of millennial renters, especially within the multifamily industry, it is important to make yourself desirable in their eyes. Here is a look at how property managers can market to millennials and provide accommodations that are attractive to them.
Provide Internet access
One of the best ways of attracting young people to your property is to provide Internet access. Currently, not many properties offer Internet access to occupants and they must seek Internet services from outside cable and Internet providers. A couple of modern and luxury apartments are now providing Internet connectivity. The Internet does not have to be free or part of the rental deal. Just by making it an available option to occupants, you will differentiate yourself from similar properties and attract millennials interested in simplifying the Internet connectivity process.
Reach them where they are- their cell phones
We now live in a mobile environment. Most people, but especially millennials are constantly on their cell phones, communicating with others, using social media, paying bills and utilizing countless other mobile applications throughout the day. Mobile is a platform that you simply cannot ignore. Many companies today are successfully using mobile platforms to reach customers, and the youth are some of the most tech-savvy people out there. This applies to both your marketing efforts as well as communication with current occupants. Providing renter portals that allows mobile access for items such as paying rent, making maintenance requests and other communication activities with the property is essential.
Get on social media
Along those same lines, millennials are regularly using social media to chat, interact and share stories, photos, videos and even news. They spend plenty of hours just engaging each other on different social media. They grew up on MySpace and proceeded to Facebook, Twitter, SnapChat and Instagram. Landlords, managers, and property owners need to get on social media to effectively reach millennials. Research which platforms are most used by your target renters and become active on them. Target them with content, especially images and video. Doing so will make it more likely for millennials to come across your available rentals, and they will run across them in a way that feels natural and organic to them.
Identify outdoor recreation opportunities
According to statistics, millennials are typically more active than people from other generations. They enjoy activities such as biking, hiking, participating in marathons and similar events. A savvy property manager will recognize this and maximize on any outdoor activities or features nearby. Properties located close to rivers, lakes, parks, ski resorts, nature trails or other attractive outdoor venues should mention these nearby opportunities for activity in marketing efforts as part of their attraction.
Focus on common areas
Millennials love to relax and unwind in the evenings and on weekends in social areas with a lively ambiance. They often have small gatherings to socialize and have a laugh on the weekend. At other times, they just want a comfortable, attractive place to play card games and board games or sit down and read a good book. Providing them with an attractive and comfortable place to do so will make a big difference in their eyes. If your property has common areas, try and spruce them up with comfortable seats, proper lighting, beautiful fixtures and fittings and even wall hangings.
Provide environmentally friendly spaces
Millennials are very interested in the environment and concepts such as green living, conservation and recycling. Reducing the carbon footprint, saving energy consumption and other such initiatives all go right to the heart of millennials. As property managers, you should take the necessary steps to provide an environmentally friendly property that will attract millennial renters.
There are no set rules for how to successfully attract millennial renters, but by paying attention to their wants and needs such as the ones mentioned above, you can set yourself apart from competitors and make your property desirable to millennial renters. For more information on how Kings III can help you with your property management needs, visit www.kingsiii.com.
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