With millennials making up most of the Temecula rental market, it’s time to start making your rental property more attractive to them.
Millennials make up a huge portion of the rental market. Most of them are not ready or cannot afford to buy a home of their own, so they rent. A whopping 74% of millennials between the ages of 25 and 35 rent their homes.
So, if you aren’t trying to attract millennials to your Temecula rental property, you could be losing out on quick, high-quality tenants. While we hear a lot about what millennials do and do not like, there are some certain features in rentals that they are more attracted to.
In this article, we’ll discuss seven proven ways (plus one bonus!) to make your rental more attractive to millennials and find ideal tenants faster.
1. Advertise the Property Online
Millennials are always browsing social media and using websites to find the things they need – including housing. If you are still posting advertisements for your vacant property in the newspaper or hanging up flyers or even Craigslist, you’re not getting the attention you deserve.
It’s never been easier for landlords in Temecula to advertise their properties online. From websites like Zillow, Apartments, and Trulia, you can reach more potential tenants faster. You can also use social media platforms like Facebook to reach people directly in the area.
When you create your listing, be sure to use recent, high-quality photos of the property. This is important as it’s one of the first things that will pull people in to look at the rest of the information.
2. Emphasize Neighborhood Features
Since we’re on the topic of advertising and promoting your rental in Temecula, let’s talk about how to entice millennials to look at it. One of the most important features for millennials when searching for a new home is where it’s located.
This generation tends to go out quite a bit and be active in their communities. So, they want to be near restaurants, cafes, bars, gyms, parks, and public transportation.
What does this mean for you as a landlord?
It means that in your listing description and when you’re showing potential tenants the property, you should emphasize all the great amenities in the area.
This is also helpful advice for when you are considering investing in another property. You’ll want to make sure it’s in a desirable location for tenants.
3. Go Green
Millennials are one of the most eco-conscious generations right now. 75% of millennials are even willing to pay more for something if it is more sustainable. So, if you go green with your rental property, you could attract more millennials in Temecula and even raise the rent.
What does “going green” look like when it comes to your rental property?
You can replace old lightbulbs with LED ones, which last longer and don’t use as much energy. You can invest and install solar panels on the roof to cut down energy costs and even get a tax break. There are a number of ways to make your property more sustainable; you just have to do your research.
4. Allow Pets
A lot of landlords do not allow pets in their properties because they don’t want to risk the damage. However, when you exclude tenants with pets, you’re making it even harder for yourself to fill your vacancy.
About 32% of millennials own some kind of pet. Remember, millennials make up most of the rental market right now. So, to make your property more attractive to this generation, allow your tenants to have pets.
If you’re nervous about potential damage, you can always ask your tenants for a separate nonrefundable pet deposit before they move in. This money can then be used to make repairs caused by the animal.
5. Keep the Property Well-Maintained
Nobody wants to rent a property that is falling apart. One of the major responsibilities of being a landlord is maintaining your rental.
Before you list your vacant property, make sure to inspect it and do a walkthrough to make sure no repairs are needed. This should be common practice after a tenant moves out.
If you want to ask for a rent price on the higher side, then your property must be well-maintained and almost look new. Millennials won’t pay top dollar to live in a property that needs some work.
About 32% of millennials own some kind of pet. Remember, millennials make up most of the rental market right now. So, to make your property more attractive to this generation, allow your tenants to have pets.
If you’re nervous about potential damage, you can always ask your tenants for a separate nonrefundable pet deposit before they move in. This money can then be used to make repairs caused by the animal.
6. Accept Electronic Payments
As technology gets faster, more reliable, and more convenient, it’s time to start accepting rental payments electronically. It’s rare that you’ll find a millennial walking around with a checkbook.
You can use apps and platforms such as PayPal or Venmo. Or you can set up a bank transfer. Whatever you choose, make sure it’s easy and convenient for you and your tenants.
7. Modernize and Update the Property
One thing that millennials like is to have a nice, modern place to live. Their generation loves to show their friends what they’re doing on social media. Therefore, they will search for a property that looks aesthetically pleasing on camera.
This means they will search for properties with updated kitchens and bathrooms with great lighting. So, if your property’s kitchen has decades-old appliances, you might want to consider switching them out.
Let’s also not forget that new, modern appliances are more sustainable and eco-friendlier. They use less energy and water, so they also cut down on utility bills for you and your tenants.
Attract More Millennials with Scout Property Management
Our bonus way to attract more millennials to your Temecula property is to work with Scout Property Management.
As the area’s leading property management company, our experienced team of professional property managers is well-versed in acquiring high-quality tenants. We pride ourselves on how quickly we can fill vacancies and our rent collection rate each month.
Our innovative property marketing tactics are also unbeatable! With online listings and professional services, millennials will surely see your advertised property and pique their interest.
Are you ready to attract more millennials to your Temecula property, have fewer vacancies and bigger profits?
Contact us to see how we can help acquire new tenants today!