What millennials are looking for in their rental properties

14/10/2021

The word millennial has unfortunately been turned into somewhat of a negative label. However, those between the ages of 18-33 fall into that category. And with a large section of the UK rental market being made up of millennials, it’s important to understand their preferences.

Unlike previous generations, there is a growing trend amongst millennials to rent property instead of buying their own.

Here are 5 considerations to make when targeting this generation of tenant.

1. Eco-friendly 

For landlords, going green is a great way to stand out from your competitors, and attract attention. This generation is environmentally conscious and passionate about issues such as global warming and supporting sustainability. The more eco-friendly features your property has, the better. Things such as outdoor compost bins, separate bins for recycling, and investing in solar energy would stand you in good stead. 

2. Instant communication

Instant gratification is something most have become accustomed to, convenience reigns supreme, and most tenants prefer to hear back from their landlord as soon as possible. By ensuring that you have a high level of accessibility or even by using smart home devices, and a quick reaction time will go a long way. WhatsApp is the perfect example of an efficient and popular communication tool to use with your tenants. 

3. Neighbourhood

What your neighbourhood has to offer can be as important as the property itself when it comes to tenants making rental decisions. This generation have also been seen to buy fewer cars than others, which makes proximity essential to choosing a rental home. When marketing your rental property, highlight the places that are within close proximity, such as popular restaurants, bars, clubs, parks, and gyms. 

4. Smart home features

Technology plays a significant role in all our lives but especially for young professionals. As smart home technology becomes more popular, tenants are looking for these features in their future rental properties. Although smart home capabilities can be seen as more of a luxury than a necessity, adding these can make your property feel more modern and up to date. Smart devices can include adjustable thermostats, security cameras, digitally capable appliances, lighting, and music systems which can all be controlled and monitored remotely using a smartphone.

5. Flexibility

Although this generation are not actively looking to get out of a longer lease, many will avoid them to allow themselves the freedom to pursue new and exciting opportunities that come their way. Avoid two year-contracts and keep them interested with shorter-term leases with the option to renew, such as a 12-month tenancy agreement with a 6-month break clause.

This generation’s attitude is different towards renting than others before. By simply speaking their language and implementing one or two of our considerations, you can certainly attract their attention – and potentially even keep them around for the long term, which is the best outcome for any landlord.

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