Reshape Your Management Style to Suit Millennial Tenants
Generation-wise, millennials are currently dominating the renting market. Here’s what you can do as a property manager to attract them to your site.
Millennial tenants aren’t going anywhere. Due to many carrying burdensome loads of debt compared with their predecessors, a good percentage of millennials plan to continue renting as opposed to entering the housing market. As a result, a real estate trend is evolving that focuses on a more tenant-centric strategy that caters to Millennial tastes.
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Millennials tend to delay or forego marriage and are slow to form their own households, according to recent research by the Pew Research Center. They’re also more likely to be living at home with their parents for longer periods of time.
Another thing to consider: millennials are moving significantly fewer times than earlier generations. According to Pew Research, about one-in-six Millennials ages 25 to 37 (16 percent) have moved in the last year. That differs from previous generations, where roughly a quarter had moved more frequently. That means that they may be renting from you longer — as long as you are keeping them satisfied.
Here are just a few ways to fine-tune your management style to specifically appeal to Millennials:
Keep in constant touch.
Email is still a good way to spread important information, but, of course, texts and social media are increasingly important when sharing what you need your tenants to know. Whichever mode they prefer, be sure to remind them about rent due, upcoming events, maintenance updates, and other info, such as safety suggestions, on a regular basis. Your younger tenants live on their phone, so you’ll want to meet them there.
Young people want to know that you are hearing them and considering their concerns. Be sure to respond quickly when they have an issue, even if it’s just to let them know that you got their message and you’re on it. Be open about your property’s challenges as well as its benefits and amenities. Your open-book policy may be appreciated and respected by a generation that highly values this.
Regular feedback is vital to your success as a property manager. Get a good grip on your tenants’ experience by getting directly into their heads: satisfaction surveys allow them to be heard and give you room to improve. You’ll quickly learn your site’s strengths and weaknesses and see where the tweaking needs to happen. Of course, not all wish lists are meant to come true 100 percent of the time — be sure to communicate to your tenants the difference between you considering new ideas and making specific promises.
Bond with them.
In the current corporate culture, the days of corner offices and stuffy, emotionally absent CEOs are over. Now, it’s all about bonding and offering a personal touch. The same goes for property managers. Millennials want a friend they can trust. Be personable (but not too personal), know their names, offer social activities, remember birthdays and anniversaries, and pets’ names. Keep your social media constantly updated and fresh, and remember to thank them frequently for being good tenants.
Make it easy to pay rent.
Apps, automatic deductions, and digital payment services like Paypal allow for easy, seamless ways to keep rent from being late. For Millennials, these avenues have become second nature and are expected as part of daily living. The days of writing and mailing a check may be gone forever.
Get super competitive.
Millennials look to social media for reactions to everything from restaurants to tech devices. The same goes for rental properties. Be super aware of your competition — what amenities they’re offering, how much rent they charge, occupancy rates and turnover, and the average security deposits requested in your area. For instance, Millennials love earth-friendly utilities, common spaces, and social events. If your competition is offering these and you aren’t, your property may seem trapped in the past.
Give them a break.
Make staying with you worth their while. Offer a break on rent increases if they sign an extended lease. Offer incentives for tenant referrals. Another winning consideration: allow pets (Millennials love them).
Make them feel safe- be sure your elevator phones and other emergency communications are state-of-the art.
Newer generations continue to define and evolve technology, but one thing never changes: the need for effective, reliable emergency communications systems on your property. No matter how advanced technology changes lifestyles and attitudes, reaching for an emergency phone still saves time and lives, and remains the most dependable way to respond to trouble.
Millennials’ favorite toy — the smartphone — can lose power or drop its signal in an emergency. These devices can also be damaged by water (or made inoperable), and can shut down in a circumstance of extreme heat or cold. Charging a phone while an emergency is happening is not practical, and if the power is down, charging would be an impossibility.
The ultimate solution: Kings III Emergency Systems, which offer weather-resistant technology that survives and works through all types of extreme conditions. We’ve made sure our systems are affordable and guaranteed; our all-inclusive service provides lifetime maintenance, free of charge.
We include a backup call center, which is located offsite so that you will be connected to help no matter what goes down. It operates on a separate power grid and phone line system to make sure help gets to you in every instance.
Kings III has been providing emergency phone systems for real estate properties long before the digital age was even a thing. All along the way, we’ve improved and fine-tuned our technology to not only keep up with the times, but also (most importantly) to keep it consistently state-of-the-art and solidly dependable.
Learn more about how you can add our safety solutions to your property. Contact us here or call 800-393-5858 and we’ll tell you more!
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