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.
Find out how to improve safety and reduce costs at your property
Our best-in-class emergency phone + monitoring solutions provide peace of mind and are backed by decades of expertiseLearn More
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!
Emergencies can suddenly turn your safe, familiar, comfortable property into a danger zone, and it is essential to have places to turn to help you and your tenants get through it. Here is a list of good emergency resources to get you started.
Your legal liability as a property manager and/or building owner may vary from state to state, but, generally speaking, there is a core of common liabilities that many in the industry face. Pay special attention to these common causes of property manager and building owner liabilities and act accordingly.
Property managers are always looking to reduce waste and effectively forecast but many times it's the overlooked expenses that become a big ticket item.
When is the last time you stepped back and looked at the bigger picture of how your building syncs up with its building code and why this is so important? Here, we take a closer look at some of the more common building-code requirements and why the most obvious violations are often overlooked, even unintentionally.
Are you prepared for the sunset of 3G communications? Don't risk disruption to your business by waiting to transition to 4G/LTE, get ahead with Kings III.
Are you confident with the emergency response across all properties in your portfolio? Can all of your tenants expect the same care? Here we discuss three reasons why not streamlining this process could be a big mistake.
Should you disable your emergency phone during the off-season (pool phone) or can the monitoring cost be based on usage? Here's the information you need to know.
Stay-at-home orders are being lifted and we are looking for the “new normal.” But what does that mean and how does that impact pool season?
To us, our emergency operators are always “essential workers,” but as Kings III has continued to operate as critical infrastructure throughout the COVID-19 stay-at-home orders, they are now officially deemed as essential by the country. Get to know three of our operators a little better and learn more about our emergency dispatch center in this interview.
Kings III makes it easy as a single point-of-contact for all your emergency response needs. With expertise in line connectivity, compliance codes, equipment maintenance and safety protocol, we offer the total package.