Top tips on What Millenials Want in a Rental Space. Are you looking to rent a property that will not only be practical and accessible but also surround you with a sense of home feeling? I know exactly what you want. As a millennial myself, I too, had to rent multiple times, and further in this post, I will share my top tips of what young tenants prefer when looking for a property or for letting agencies and landlords so that you can adapt to this fast-changing real estate market.
In the past few years, millennials have emerged as the group that is renting more and has changed how property owners think about their rentals. Here are a few things that millennials are looking for in rental properties.
Top tips on What Millenials Want in a Rental Space
Understanding the preferences of millennials is crucial in the rental market as this generation continues to shape the housing landscape with their unique needs and lifestyle choices. Millennials, typically born between 1981 and 1996, have distinct characteristics that set them apart from previous generations. Their preferences matter because they make up a significant portion of the rental market, and their demands are driving shifts in housing trends.
Location and Accessibility
When choosing a rental property, millennials prioritize location and accessibility above all else. The convenience of having amenities and transportation options within close proximity greatly influences their decision-making process.
One of the key factors that millennials consider is the rental location itself. They seek neighborhoods with easy access to essential amenities such as grocery stores, restaurants, cafes, and recreational facilities. Having these amenities nearby saves them time and enhances their daily living experience.
Transportation access is another crucial aspect for millennials when selecting a rental property. They prefer locations that provide convenient access to public transportation systems like buses, trains, or subway stations. This allows them to commute easily to work or explore the city without relying solely on private vehicles.
Moreover, walkability plays a significant role in millennial rental decisions. They value neighborhoods with pedestrian-friendly infrastructure, including well-maintained sidewalks and bike lanes. The ability to walk or bike to nearby destinations not only promotes a healthier lifestyle but also reduces reliance on cars.
Bang for their buck
While this may seem obvious, millennials are more severe about getting bang for their buck and not settling. Gone are the days when a two-car garage or swimming pool was enough; nowadays, renters want more.While this does not mean renters are looking for all the bells and whistles, it is more about added value. This includes a security system, internet, or something similar.
Whether it is an apartment rental agency or individual owner, both are becoming more flexible with pets. Rightly so, too, as millennials view being pet-friendly as one of the most important factors when choosing a rental property.
For property owners, if your property has a garden, adding a dog house or making it more pet-friendly can you make your property far more appealing to potential renters.
Another critical factor that has emerged amongst millennial renters is that they are looking for more eco-friendly properties. Many believe this is because of two main reasons, the first being that they are more conscious of their environmental impact.
The second reason is that millennials are looking to save money where they can, and therefore a property with solar panels or energy-saving lightbulbs, a rain-catcher, or something similar, is all very appealing.
Another design addition that millennials are looking for is a social space of some kind. This can be anything from a large dining room to a large lounge, garden, or deck/balcony area. This means they tend to veer away from places unsuitable for socializing.
That being said, using your space in your property effectively can be a solution to not having one of the abovementioned spaces.
As a property owner, you need to remember that many millennials and younger renters are, more often than not, moving out of their parent’s homes into a flat or house. In this day and age, many people are living at home longer as a way to save up before moving out.
Because of this, millennials are looking for properties with a few appliances included, such as a washing machine, fridge, dryer, dishwasher, etc. While you don’t have to furnish your property, including these items can go a long way to renting your property at the fee you want.
The kitchen is an area that you should put extra focus on. Over the past few years, it has become apparent that millennials prefer a kitchen that is not only more modern but has also been refurbished.
There is no need to break the bank on re-doing the kitchen in your property. However, spending money on updating the cabinetry, replacing the counters, or doing something similar can add a lot of value in the eyes of potential renters.
Speaking of interiors, don’t stop at the kitchen. Millennials do not want to feel like they are living in their grandparent’s house and will almost always prefer a home that has been refurbished and looks like it is from this decade.
Once again, there is no need to break the bank to do this; instead, focus on how the bathrooms look, repaint the rooms in a neutral color, and ensure everything is working like new again; there are dozens of small things you can do that will make huge differences.
While not necessary but something that will score you a lot of points is adding smart features. Millennials are the first generation whose entire life is centered around technology, whether by choice or necessity. This means that adding smart home features, such as controlling the lights with your phone, for example, is an addition that won’t go unnoticed and will also be greatly appreciated.
Finally, while it is not a design feature, millennials love flexibility. They are not renters who want to be tied down to a two-year contract, especially nowadays with so many people working online and being able to work from anywhere in the world.
Instead, they want to know that they can leave almost whenever they want, with a one or two-month notice being enough. Because of this, being more flexible with your rental agreement with get you far more bites.
As you can see, the world of renting and rental properties has changed thanks to millennials. They don’t have the same priorities and needs compared to their parents, and if property owners use some of the tips above, there’s a good chance their properties won’t be empty for longer than a couple of weeks.